The shifting dynamic from large persistent buybacks toward equity issuance seems important, although inevitable.
Stocks are subject to supply and demand, after all.
I think we'll look back on this moment as the beginning of the end of the AI bull run.
But I don't think it's actually bearish at the moment.
Companies are tapping markets from a position of strength and that capital will recycle back into capex.
This perpetuates product and services shortages and supports pricing power.
When investors lose appetite, then I'll be worried, a la Pets dot com.
And that's when the supply finally breaks the bull.