Back in the California Gold Rush, most men who chased the glitter came home with blisters, debts, and a handful of “I almost struck it rich” stories. On the other hand, the men who sold them picks, shovels, wagons, and whiskey did far better for themselves.
Today’s investors are making the same old mistake as the glitter chasers.
Only now, they are chasing the glitter of artificial intelligence — the demos, the headlines, the glamorous software stories — while missing the businesses supplying the machinery that makes the whole boom possible.
And that raises the more important question: if 2026 is shaping up to be a choppy, bifurcated market instead of a broad melt-up, should investors stop chasing AI’s storytellers… and start buying its backbone?
This post originally appeared at InvestorPlace.