US stocks are riding on hype and political cheerleading while cracks in the AI boom and the job market signal trouble ahead — bad news for investors chasing tech.

• The whole US economy now leans on the stock market staying high, since the richest households do most of the spending and hold most of the stock.
• South Korea's market just crashed 6% in one session, wiping out huge value fast, and that selling could spread to US chip stocks.
• The AI story is wobbling: Micron dropped 16% in five days, and Meta is now pivoting to sell spare computing power instead of using it — a sign it built too much.
• Chip stocks make up 20% of the whole US market, a heavier concentration than tech at the peak of the dot-com bubble.
• June added only 57,000 jobs, less than half of forecasts, while wages fall behind inflation and living standards slip.

Outlook: If AI earnings disappoint and more big tech firms stop building data centers, a sharp market drop looks likely.