Half-Time on the AI Trade

The build-out splits into three, and the second half belongs to the layers that use it.

Last week, the market was two-speed. A slim majority of stocks still participated, the broad tape was not broken, but a narrow engine carried the index gains: the AI build-out.

The S&P 500 closed Friday at 7,354, down 2.0% on the week, while the Nasdaq fell 4.5%. Apple and Microsoft raised consumer product prices, citing memory and storage chip costs tha…