AI enthusiasm in equity markets roared back before a crucial week for Big Tech.

Following months of underperformance and despite economic turmoil stemming from the Iran war, US tech stocks have rebounded in part because investors have “proved willing to buy anything with an AI label slapped on it,” The Wall Street Journal’s markets columnist wrote: Even as fears of a bubble linger, “hope overcomes every obstacle.”

Dell CEO Michael Dell recently told Semafor he doesn’t see a bubble forming because “bonkers” demand for AI is far outstripping supply.

Those bets will be tested this week as Alphabet, Microsoft, Amazon, Meta, and Apple report earnings; investors are looking for signs the AI spending boom is paying off.