Deutsche Bank: trillion-dollar AI market wipeout was inevitable correction of 'everyone wins' bet

Deutsche Bank analyst Jim Reid said the market had been pricing in a world where "almost every tech company would come out a winner" from AI, and the repricing was overdue. JPMorgan estimates $2T was wiped from software market caps alone. Reid argued the differentiation between AI winners and losers, which started in software, is now "rippling into the broader economy with surprising speed." The analysis frames the selloff as rational market adjustment rather than panic.

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