Meanwhile, the U.S. AI trade is beginning to broaden from semiconductors into software and cybersecurity.

But the latest earnings season is also producing new signals from the software side.

The AI narrative is therefore changing.

Investors are no longer asking only whether companies are still buying more chips. The next question is whether enterprises are willing to keep paying for AI software, agents, identity services and cybersecurity.

If the answer remains yes, the AI rally could broaden from semiconductor infrastructure into a much wider group of technology stocks.

That also matters for Bitcoin.

Markets are now caught between two forces:

Strong AI earnings are supporting risk appetite.

Higher inflation and rate expectations are…