I'm an early stage tech investor. I don't trade stocks. But public comps drive multiples, multiples drive exit assumptions, and exit assumptions shape what I underwrite today. So I watch closely. What I'm seeing: the market has stopped rewarding AI narrative and started demanding proof. ServiceNow beat earnings and dropped 17%. The rally is real but narrow — fewer than 15 S&P 500 names at their own highs even as the index hits records the other day. Capital is concentrating fast. The companies that can show real AI budget capture will have options. The ones that can't are waiting on a window that may not open evenly. This isn't a paused market. It's a selective reset.