Microsoft and Amazon's earnings show that AI demand remains strong. Meanwhile, Berkshire Hathaway, Visa and Mastercard reaching record highs tell another story: investors are increasingly rewarding cash flow, pricing power and predictable earnings.
Visa's latest results delivered 13% revenue growth, demonstrating the resilience of global payment networks.
I believe the next market phase will be less about buying every AI stock and more about identifying companies that convert growth into cash.
Three signals matter most: AI capex translating into revenue, free cash flow stabilising, and earnings upgrades spreading beyond technology.
My view: October was a warning, not necessarily the start of a bear market. Expect greater sector rotation. The next winners will be determined by earnings quality, not exciting narratives.
@AI_FocusedTrader [龇牙]
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