This is a skeptical take on the AI boom, and it's bad news for Big Tech stock prices if the argument holds.

• The AI story may be propping up sky-high tech stock prices rather than reflecting real demand.
• The claim: companies like Google and Apple have run out of huge new growth ideas — no next iPhone, no next Google search.
• Over a trillion dollars, with trillions more coming, is being poured into AI and large language models.
• If AI turns out to be a dead end, these companies will have to admit they have nothing else to drive growth.

Outlook: If AI spending fails to produce a real payoff, richly priced tech stocks could face a hard reckoning.