The week the market began marking intelligence to reality

Strip away the day's numbers and a phase transition is underway: the AI economy is being forced from a *narrative* valuation to a *mark-to-market* one. For two years compute was priced like a faith — Broadcom's order book, Nvidia's margins, and the hyperscalers' capex formed a self-reinforcing loop where every dollar of spend validated the next. Friday cracked the loop not with bad news but with *ordinary* news. A guidance figure that merely met its prior promise instead of exceeding it was enou ...