Nvidia and semiconductor stocks caught a fresh bid lately, pushing prices higher. But here's the thing—whether this marks a real turning point for the AI trade remains pretty questionable.

Think about it: we've seen these kinds of snapback rallies before. A few solid earnings beats, some optimistic commentary from the big players, and suddenly everyone piles back in. Yet the underlying narrative keeps shifting. Is the AI infrastructure buildout still accelerating, or are we hitting diminishing returns? Valuations had gotten pretty stretched, and the easy money might already be priced in.

What matters for us is the broader market psychology. Chip strength often signals risk-on sentiment—good for growth assets, maybe good for crypto timing too. But it could also just be a temporary relief bounce before reality checks hit again. The real question: when the hype cycle inevitably cools, where does capital actually flow? That's the move worth watching.