There's a lot of fear and not everything is rational. The reasons for the selloff are at odds: softness in Mag 7 due to capex ROI concerns, and software stocks hit due to AI disruption threat. Painting all tech with a broad brush is not rational. Nvidia might be seen as overpriced with expectations too high.

Something in between. There will be quite a few losers in the AI race. Sectors with more verticalized knowledge and processes (like construction tech) will not be disrupted the same way. Painting them with a broad brush is not rational.

It will shake out differently in different sectors. Simpler workflows (legal, CRM) are more prone to disruption. The safety focus is a sign of market maturity, that AI is becoming mainstream. It's good we're paying attention to safety and regulation.

Safety is one reason, but also momentum. We're seeing a lot of activity and investment in AI in Asia now, like in India.