ARTIFICIAL INTELLIGENCE: 2026 WILL SEE THE END OF THE BETA FACTOR AND THE RETURN OF MICROANALYSIS 3/3

The primary threat is not that Artificial Intelligence itself is a temporary fad, but rather that current stock market valuations are aggressively pricing in 10 years of projected profits that have yet to materialize. The market has entered a critical "Show Me the Money" phase, demanding tangible evidence of revenue generation, particularly from Layer 3 (Software and Applications). This creates a dangerous disconnection between current stock prices and immediate financial performance.