WELLS FARGO JUST CALLED THE TOP And nobody wants to hear it. Tech sector downgraded to neutral. Not bearish. Just neutral. Wall Street’s politest way of screaming “get out while you can.” The numbers they’re too afraid to say out loud: THE VALUATION CHASM: Tech stocks: 46× earnings. S&P 500 average: 29×. That’s a 59% premium for a sector trading on future promises while sitting on present-day fragility. Nvidia fell sharply last week. Palantir followed. Not on bad earnings. On valuation reality finally piercing the narrative shield. Wells Fargo strategist Douglas Beath didn’t say sell everything. He said “trim holdings.” “Lock in gains.” Wall Street’s equivalent of yelling fire in a whisper. WHAT THEY’RE REALLY SAYING: “Strong long-term AI prospects” translated: the story is intact. “Near-term risks” translated: the math stopped working six months ago. “High expectations” translated: there’s no room left for error. When a major bank tells clients to take profits after a sector ran 120% in two years, they’re not being cautious. They’re front-running the exit. THE SETUP IS PERFECT FOR COLLAPSE: Nvidia at $4.8 trillion depends on flawless execution. Zero geopolitical shocks. Infinite energy scaling. Sustained 60× P/E multiples. 90% of production in Taiwan. SoftBank already exited $5.8 billion. Japan’s PM drawing red lines. China threatening retaliation. Wells Fargo sees the same dependency map everyone sees. They’re just the first major institution willing to print it. ...