Artificial intelligence just got punched in the mouth. About time. The market has finally stopped treating it like a fairytale and started treating it like a business. This is how lasting fortunes are built.

AI stocks took a hit this week. The Nasdaq dropped nearly 2%, chipmakers sold off, and several high-profile names slid sharply. Some investors panicked. They shouldn’t have.

This is not the end of the AI story. It’s the start of the next build-out phase, where the real, sustainable money will be made.

AI’s early surge was driven by excitement. Investors rushed to back anyone who could spell the acronym. That period was never sustainable.

The next phase is about execution. It’s about who can deploy capital intelligently, scale systems efficiently, and convert innovation into profit. The shift from imagination to implementation is where markets separate hype from history.

The build-out phase is the most demanding and the most valuable part of any technological revolution. It is when the infrastructure, supply chains, and applications mature. It is when a story becomes an economy. AI is entering that stage now.

The spending is shifting from pilots and proof-of-concepts to long-term contracts, enterprise adoption, and industrial integration. It’s where the next wave of wealth will likely come from.

Consider what this phase involves. Training and running advanced models requires enormous computing capacity and data storage, which means investment in data centers, chips, and energy.

The firms capable of delivering that at scale will dominate. Then there is software—companies embedding AI into everyday processes like logistics, cybersecurity, and manufacturing efficiency. Each one is capturing real productivity gains measured in billions, not dreams.

AI is also reshaping labor and capital allocation. The first movers are using automation to lower costs and sharpen margins. They’re not replacing people; they are amplifying human capability. Businesses using AI effectively will drive higher profitability, while those that hesitate will fall behind. The build-out phase rewards bold, evidence-based leadership.

Investors should see this period for what it is: a filtering process. Markets are doing their job by testing assumptions. The companies that prove they can scale profitably will attract the capital that once scattered across the sector. The others will disappear quietly. This is the discipline that ensures the next rally rests on results, not hype.

The easy money phase was thrilling but messy. When everyone wins, nobody learns. Now the market is demanding maturity. Capital is rotating from speculation to substance. Firms with recurring revenue, pricing power, and genuine demand for their products will lead. The days of valuation by slogan are over.

AI’s influence on productivity is just beginning. It is transforming logistics, energy grids, healthcare diagnostics, and financial modeling. Every measurable improvement creates more incentive for adoption. As companies report tangible returns from AI investment, confidence will grow again, this time on a foundation of earnings rather than narrative.

Global corporate spending on AI is expected to exceed 600 billion dollars next year. Governments are investing heavily in digital infrastructure and training.

The US continues to lead, powered by a private sector that combines innovation with scale. This alignment of capital, policy, and competition will shape global growth for the next decade.

Volatility is not a verdict. It is a pause for the market to think clearly. Investors with courage and discipline will use this time to identify the builders—the companies constructing the permanent framework of the AI economy. The next compounding phase of value creation will belong to them.

The hype cycle is finished. The build-out phase has begun. Investors who understand the difference between noise and progress will look back on this correction as the moment the serious opportunity started.

AI is no longer an idea, it’s the infrastructure of the future, and the smart money knows it.

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London-born Nigel Green is founder and CEO of deVere Group. Following in his father’s footsteps, he entered the financial services industry as a young adult. After working in the sector for 15 years in London, he subsequently spent several years operating within the international space, before launching deVere in 2002 with a single office in Hong Kong. Today, deVere is one of the world’s largest independent financial advisory organizations, doing business in 100 countries and with more than $12bn under advisement. It specializes global financial solutions to international, local mass affluent, and high-net-worth clients. In early 2017, it was announced that deVere would launch its own private bank. In addition, deVere also confirmed it has received its own investment banking license