The narrative of 2025 was dominated by "AI at any price." But as the Q4 earnings season kicks into gear this January, that narrative has hit a wall of reality. While 81% of S&P 500 firms have beaten profit expectations so far, investors are delivering the worst share-price reactions on record, a scenario that underscores a deep-seated uncertainty over 2026 valuations even amidst the relief rally seen following the de-escalation of trade tensions in Davos. Tech has underperformed so far this month, with the broader market slipping as investors confront the gap between long-term AI narratives and near-term ... (full story)