The S&P 500 is down about 4% YTD from a broader tech sell-off, but Morgan Stanley expects global AI spending to hit $3 trillion by 2028. A couple of AI-related stocks have taken a dip recently despite strong numbers. Palantir (PLTR) is down 28% from its recent high. Their Q4 revenue growth hit 70% year over year, mostly driven by a 137% jump in US commercial revenue. The stock is pretty expensive right now, but they convert about half their revenue into free cash flow. TSMC (TSM) is down 13% from its highs. Last quarter revenue was $34 billion, up 25% year over year. Their operating margin is 54% and management expects 25% annualized growth through 2029. It is currently trading at around 24 times this year's earnings estimate.