The AI-bubble narrative. Whether the market believes the spend will pay decides the multiple on a third of the index; the narrative moves before the numbers.
What to watch: Capex-to-revenue ratios; circular financing; retail concentration in AI names. It arrives continuous, and the effect typically lasts months.
It sits in tier 2 — Directional: Moves the index for days or weeks. Scheduled data releases, policy decisions, global spillovers, and the prices of money and energy. This is the tier most professional attention is spent on.
Its neighbourhood
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