AI investing is moving into a more selective phase: capabilities and adoption continue to accelerate, fundamentals are starting to improve, and the obvious first-wave winners in hyperscalers and chips have already been widely recognized by markets. From here, the key investment questions are which bottlenecks will endure, whether revenue and earnings can outpace the capital intensity required to lead, and where lasting value can survive as AI becomes cheaper, more capable, and more ubiquitous.