A sense of calm and realism has settled back into the AI industry after a weekend of hysteria. We’re at the All-In Summit right now in LA, and yesterday felt like a giant AI optimism cheerleading session where the biggest players in the space were paraded out to provide a counterpunch to the doomer fears.
CEO Satya Nadella was up first, and he didn’t say anything about slowing capex — instead saying we need to keep moving forward on AI. CEO Jensen Huang was next and called the human extinction fears irresponsible and wrong, said AI is going to create enormous wealth and good for the world, and sounded more bullish than ever. President Trump got on the phone and emphatically said he is not going to regulate, that we are not going to slow down, and called the whole thing a Chinese psyop. Elon Musk closed the day by offering private-market legislation ideas — a peer-review model system — that would avoid harsh government regulation.
Across the board, the theme was consistent: the doomer fears are misplaced, we aren’t slowing, and we need to win.
Iterations of that bullish AI message spread throughout the internet over the last 24 hours. CEO Hock Tan said on Mad Money last night when asked if all this slowdown talk would force him to reconsider 2027/28 guidance: ‘No, not in the least. We see the demand for compute infrastructure, for AI development or AI frontier models, and inference for the products that they feed to the world, as continuing to be very strong and, I believe, very durable.’
BofA in a new AI industry report today said: ‘Despite rising concerns around potential AI infra/investment slowdown, we see no signs of slowing in customer orders, LTAs, capacity commitments, or semis pricing.’ They see global semi sales rising from $1.7 trillion in 2026 to $3.2 trillion by 2030.
And then, perhaps most iconic of all, Sam Altman today tweeted that is shipping a big new product today and will ship lots more products and features at DevDay at the end of 2026 — all just days after saying the industry needs to slow down. As the old saying goes: follow what they do, not what they say.
The fundamentals here aren’t changing, and we don’t think they will. The sentiment is admittedly awful, and that’s going to stick with us for a while. But it’s worth waiting through this volatility, because we truly, deeply believe that on the other side of this, we will see a massive and sustained rally in AI stocks.
