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The rotation between AI's two main market layers has turned again.
Market analyst Santoli has identified a specific tech ETF as a potential tell for whether the current bull market can keep its advance, with the argument grounded in a shift already underway: sentiment has moved back toward AI consumption plays and away from the AI construction proxies that commanded the prior phase of the trade.
The distinction matters at the revenue-model level. Construction proxies are businesses whose revenues track the pace of AI infrastructure buildout directly.
Consumption plays sit one layer up in the stack, absorbing that AI capability and delivering it as product, where economics follow software adoption rather than capital expenditure.
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