AI stocks wobble as Oracle and Broadcom spending stirs doubts

A Nasdaq analysis warns that investors are growing more skeptical about sky‑high AI stock valuations as tech giants like Oracle and Broadcom commit tens or even hundreds of billions of dollars to data centers and AI infrastructure. The piece argues that the market is no longer automatically rewarding every AI‑driven capex announcement; instead, investors are asking tougher questions about whether the power, land and chip demands behind the AI boom are sustainable. With leaders such as Nvidia, Microsoft and Alphabet all pouring cash into GPUs and cloud capacity, the concern is that returns may arrive more slowly than the spending curve—and that not every player will be able to pass costs on to customers. The article frames this as a maturing phase of the AI trade: enthusiasm remains, but investors increasingly want concrete evidence that these infrastructure bets will translate into durable cash flows rather than another overbuilt tech bubble.