Last week, the AI market took a nosedive.

Semiconductor stocks fell 28%.

A $45 billion fund imploded.

Then, Big Tech released its earnings reports:

Amazon: $220 billion in projected capex for 2026. The CEO stated that "even then, there won't be enough capacity." Stock up 16%.

Microsoft: Azure grew 43%. It added $450 billion in market value in a single day—the largest single-day gain in history for any company.

Alphabet: Raised capex to $205 billion.

Meta: Raised the lower end of its guidance. The order backlog keeps growing.

Samsung, SK Hynix, CoreWeave, Nvidia—everything that had crashed the week before rebounded sharply.

Note: Part of the drop in chip stocks stemmed from "Situational Awareness"—Leopold Aschenbrenner’s fund—which was required to liquidate billions in positions in those very stocks.

The market mistook a forced seller for a lack of demand.

But the demand never stopped.