🟢 [E313] Sparkline argues AI boom shifting from buildout to adoption phase. AI infrastructure at 2x market valuation, while early adopters in financials/healthcare/industrials trade at valuations similar to AI laggards with 3-5x more AI assets per dollar.

🟢 [E561] Sparkline argues AI infrastructure stocks at 46% of S&P 500 have elevated valuations and $5T capex risk. Early adopters across financials, healthcare, industrials offer high AI exposure without capital intensity at similar valuations to laggards. Early adopters generated 5.2% excess returns since 2017.

🟢 [E745] Fund explicitly avoiding enablers. By incorporating intangible assets, models rotate out of overvalued stocks while maintaining innovation exposure. Screen for quantitative AI ROI mentions on earnings calls rather than vague thematic usage.