AI investing cycle reaching inflection point - Wells Fargo's Kwon

Wells Fargo chief equity strategist Ohsung Kwon said the AI investing cycle is shifting from a capital-expenditure phase toward a monetization phase, signaling maturation of the AI theme. That transition implies companies and the tech sector may move from heavy hardware and CapEx spending to revenue-generating software and services, supporting earnings and potential re-rating for AI-exposed names. The view is presented as a constructive catalyst for the US Tech 100, suggesting a more durable earnings-driven market for technology stocks and AI-focused strategies rather than a pure investment-spend cycle.