Michael Jensen @GenesisGains: "Hello everyone Markets continue behaving..."

Denmark

Hello everyone Markets continue behaving as if every major risk can somehow be postponed. $OIL tensions cool for a day? Bullish. Bond yields dip slightly? Bullish. Another AI IPO rumor? Extremely bullish. But beneath the surface, the narrative is slowly changing. For more than a year, investors treated AI as a deflationary miracle: lower labor costs, endless productivity, and cheap access to powerful tools. Now that assumption is being tested. Several hyperscalers are shifting customers away from cheap flat-fee AI subscriptions toward token-based pricing. In simple terms: companies now pay based on actual usage — and many are discovering their AI bills are dramatically higher than expected. That changes the entire discussion around AI spending. Some businesses already reduced staff expecting AI to permanently lower costs. Now they may realize the “cheap AI” phase was heavily subsidized all along. If usage costs continue rising, margins could come under pressure and investors may finally start asking the uncomfortable question: who is actually making money from this AI boom? At the same time, we are seeing increasing signs of speculation and stretched positioning: semiconductor volatility has surged IPO enthusiasm is returning several AI and hardware names are trading far above historical mean-reversion levels and even strong earnings are no longer guaranteeing smooth upside. Technically, the $NSDQ100 remains in a strong uptrend with higher highs and higher lows, while market breadth has improved as software, healthcare, metals, and even solar stocks quietly attract flows. But this also tells us leadership is broadening because the original AI trade is becoming more crowded and unstable. Meanwhile, the macro backdrop remains mixed: consumers continue spending, but savings rates keep falling credit stress is slowly rising housing data remains soft and oil markets still carry geopolitical risk. The Strait of Hormuz situation matters far more than markets currently admit because energy markets depend on physical inventories and logistics, not headlines or tweets. If oil spikes again, bond yields could quickly follow — creating new pressure on an already heavily indebted U.S. economy. And yet risk appetite remains extremely elevated. The VIX remains suppressed, options markets still lean bullish, and investors continue chasing momentum trades aggressively. Historically, that combination works… until it suddenly doesn’t. Clear & Simple Recap 👇 AI is becoming more expensive than expected. Tech stocks remain strong but volatility is increasing. Investors are still aggressively buying dips. Consumers are spending more while savings decline. Oil and bond markets remain important hidden risks. The trend is still bullish overall, but markets are entering the phase where valuations and real profits matter far more than hype alone. $MU (Micron Technology, Inc.) $MRVL (Marvell Technology Group Ltd) $SPX500

Not investment advice. The author may have financial interests in the mentioned instruments.