For much of the past two years, investors appeared willing to suspend disbelief. Artificial intelligence was not merely a promising technology; it became the foundation of a market narrative that seemed capable of overcoming geopolitical tensions, inflation concerns and slowing growth. Share prices soared, valuations stretched and every earnings season was interpreted through the lens of an AI-driven future. The recent turbulence in global stock markets suggests that this phase may be ending.

What triggered the sell-off is less important than what it reveals. Investors are beginning to ask a question that should have been central from the beginning: where are the profits? Technological revolutions have always generated excitement, but financial markets eventually demand evidence that innovation can be translated into sustainable earnings. The internet boom of the late 1990s transformed the world, yet many companies associated with it collapsed because expectations ran far ahead of commercial reality. The current AI wave is unlikely to disappear. The technology is already reshaping industries ranging from healthcare and finance to manufacturing and........

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