11/9/2026
By Charles Payne, CEO & Principal Analyst

The Last Shall Be First

A lot of folks missed the AI trade and said, “I told you so,” but the biggest “winners” last week are, for the most part, down tremendously year over year (YoY) and have vastly underperformed since November 2022. The question for investors is when to buy names getting hammered by negative speculation.

The End (is not) Here

For those suggesting this is the beginning of the end and the bubble is popping, that is a lot of hyperbole.

This downturn in the AI trade leaves it a million miles from the gains of the dot-com era, and the length of time that rally lasted.

I don’t doubt this could become a bubble, but nothing has matched the enthusiasm, or irrational exuberance, that powered the market in the late 1990s. Ironically, the lasting legacy of that implosion may be keeping a lid on this rally.

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Charles Payne
Wall Street Strategies