Alexandra Semenova discusses the inner rotation of the AI trade and how infrastructure companies are poised to become the new beneficiaries. However, mind the high bar heading into earnings as expectations for higher profits increase. Waning market breadth is becoming another point of interest for Alexandra and the "sign of capitulation" it signals for investors. Kasey McCurdy addresses the question: "who has the most riding on the AI buildout?" He argues that the Trump administration wants to see it succeed the most and outlines his case as to how it will help bolster AI-tied companies.