Worried about an AI bubble? Rising bond yields have become the play investors are leaning toward as a hedge. As AI stocks have pulled back on valuation concerns, traders have rotated into government bonds where higher rates offer more reliable returns. This rotation signals caution over how far AI valuations can stretch.

The SpaceX angle caught attention too. Analysts pointed to the company's near-monopoly position in certain launch markets as a structural bet with limited downside. Whether that holds depends on regulatory scrutiny and competition from rivals trying to break into orbital services.

Meanwhile, semiconductor memory stocks have staged a comeback. DRAM and NAND prices recovered after months of weakness, dragging chipmakers higher. This rally reflects tightening supply and recovering demand in data centers supporting AI workloads. The memory rally connects directly to the broader AI infrastructure trade.