The stock market’s gains in 2025 have been driven largely by enthusiasm for AI. But as the AI trade begins to show signs of fatigue and overvaluation, with some of the largest names cracking, I think a different group of winners will beginWith combined experience of covering technology companies on Wall Street and working in Silicon Valley, and serving as an outside adviser to several seed-round startups, Gary Alexander has exposure to many of the themes shaping the industry today. He has been a regular con ...