Editorial companion

What stands out

John Lin of AllianceBernstein told CNBC that parts of Asia's AI supply chain are "over-earning" as investors price in endless hyperscaler spending. That matters because it draws a line between the durable center of the AI boom, cloud giants and firms with long contracts, and the peripherals that can see valuation multiple expansion without matching cash flows (think of recent headlines about big vendor AI contracts). Lin's recommendation to favor selectivity and diversification, not abandon the theme, is a practical reminder that bubbles usually form on the edges, not at the engine room.