Ztrader Weekly Macro | The AI Trade Enters Phase Two
AI No Longer Needs Better Stories. It Needs Better Returns.
Ztrader Weekly Macro
Week Ending July 12, 2026
The AI Trade Enters Phase Two
AI No Longer Needs Better Stories. It Needs Better Returns.
For nearly two years, the AI trade rewarded participation.
More chips meant higher valuations.
More data centers meant stronger competitive positioning.
More capital expenditure meant greater confidence.
The market treated AI …
