The AI stock euphoria is starting to fade. For months, investors threw capital at anything labeled 'AI', riding a wave of optimism and speculation. But sentiment's shifting now. Questions are finally gaining ground over blind enthusiasm.

Market participants are stepping back, asking tougher questions: Which AI plays actually deliver returns? What's the real differentiation? How sustainable are these valuations? The same dynamic often plays out across speculative sectors—initial euphoria meets market realization.

For crypto and Web3 investors tracking macro trends, this matters. When capital flows shift from one hot narrative to another, it affects risk appetite broadly. The AI boom's cooling could reshape portfolio allocation strategies and reshape how markets price growth stories across asset classes.