Welcome to closing bell. I'm Courtney Reagan and today for Scott Wapner. This maker break hour starts with another pullback in that AI trade. Key AI players like Nvidia, Palantir, and AMD, all under pressure in today's session. And that's weighing on the broader market, just as it's propped us up when it's higher. Here's the scorecard with 60 minutes left in the trading session. You can see the Dow Jones Industrial average down by a half percent. The NASDAQ bill, of course, is going to be the lowest when we're talking about those AI names down by more than 1.2 percent, S&P 500, off two-thirds of a percent. And all of this leads us to the talk of the tape. So is that recent AI unwind? Actually the start of something bigger. Let's ask our panel joining me now, Partners Groups, Anastasia Amborosha, Newberger Bermans, Shannon Sacocha, and Wilmington Trust, Megan Shoe. Shannon and Megan also CNBC contributors. Anastasia, I'll start with you just because you're right immediately here to my side. I mean, what do you make about all of this talk? So many people ask, are we in an AI bubble? It doesn't seem like we are, but I don't know, today it's another day where we're moving down. What does it mean? I will tell you, having been on the road for, seems like the last month or so, and the question that I get the most is, are we in the AI bubble? But then you turn around and you ask that question to the audience and say, do you think we're in the bubble? And nobody raises their hands. So I think a lot of people are wondering, but nobody actually thinks in one. We are in one. And I will take that view as well. I share that view. I don't think we're in a bubble because we haven't built overcapacity just yet. And we don't have demand for AI that is turning down.

It is quite the opposite.

It is actually heating up.

And Courtney, you know, the big thing that I took away from last week's hyperscalor earnings

is that, yes, they're up-sizing their CAP-X, but at the same time, they're also upsizing

their cloud revenues.

And for example, for 2026, hypers cloud revenue is likely

to grow 23%, which is an acceleration from what we saw in 2025, which is about 19%. So you've

got CAPX, it is matched with the growing cloud revenue, and then the extension of that,

who's actually buying that cloud capacity? And it's the likes of OpenAI and XAI, et cetera.

And if you look at their revenues, their private companies, they're not profitable yet,

but they do have revenues that are growing at something like 260% this year versus last year.

So that cycle of monetizations, those proof points to me for now are plentiful.

So I think today the selloff is related to the layoffs.

It's related to the jobs cuts.

I don't think it's really related to the AI trade losing steam.

Shannon, you're nodding along here with Anastasia.

I think you're probably in the same camp, right?

Maybe we're losing steam for other reasons, but not because this bubble is bursting.

Well, I think it's really interesting if you actually look at underlying the Challenger survey, which Anastasia just mentioned,

you see AI being cited as the rationale, AI adoption being cited as the rationale for some of these job cuts.

It's something that we've already anticipated,

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