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2026 was meant to be the year Wall Street’s trillion-dollar artificial intelligence (AI) bet started paying off. Instead, it’s turning into a test of nerves. In the first half of the year, many AI stocks hit record highs as US hyperscalers like Google's Alphabet, Meta and Microsoft recorded bumper earnings. Two of the largest AI players — Anthropic and OpenAI — announced plans for public listings, following SpaceX's much-hyped IPO in June, which briefly made Elon Musk the world's first trillionaire. AI models, meanwhile, got noticeably better at difficult tasks in the race to beat human intelligence.
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