The AI infrastructure buildout bubble appears to be deflating, posing a significant risk to the broader stock market bull case and GDP growth projections. As the AI narrative has been a primary driver of recent market performance, its potential collapse signals an impending economic downturn. Market participants are responding with increased demand for long-term bonds and precious metals. This shift reflects expectations that policymakers will utilize monetary expansion tools to counter deflationary pressures, as economic contractions remain politically untenable in the current environment.