Why This Matters to YouThe AI trade has long been fixated on demand indicators, viewing massive capital expenditure as validation of the boom. Why AI Companies Care So Much About ThisMeta just told investors it plans to spend up to $145 billion in 2026 building AI infrastructure. What Changes From HereThis doesn’t mean the AI trade is over. Going forward, expect investors to start separating AI winners into two camps:Companies already turning AI demand into real cash flow — these should hold up. Bottom line: The AI trade isn’t broken.