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The Rise and Fall of Fermy America: A Case Study in Market Excess

The Emergence of Fermy America: A Speculative Power Play

Over the past few years, the stock market has been heavily influenced by two dominant hype narratives. The first is the surge in AI infrastructure investments, particularly the boom in AI data centers, which has driven up the share prices of companies loosely connected to AI hardware and cloud computing. The second revolves around political influence, notably the market rallies of firms perceived to be aligned with Donald Trump or poised to benefit from Republican policies.