Big Tech is clearly rotating, not collapsing. Apple and Microsoft are consolidating after strong earnings but AI capex pressure is keeping valuations in check. ASML remains the real backbone of the AI trade with unmatched lithography demand and a massive backlog. Oracle is a higher-risk AI infrastructure bet — heavy debt but real cloud traction if execution holds. Alibaba is the wildcard here: improving AI/cloud narrative and cheap valuation, but still tied to China macro sentiment. Overall, this looks like selective buying, not a broad tech rally.
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