Bags getting heavy?

agree. good dip buying opportunity

Or it could be a "catch a falling knife" opportunity. Too early to tell yet.

But if you look at where the money leaving tech stocks is going, it seems to be rotating into defensive stocks. If that momentum continues, we may have hit a local maxima for a while.

Rotation seems to be slow: NATO etf is down as much as VOO today

AI isn't, but companies might. The share of tasks you need frontier AI is ever-shrinking and ones where open weight ones are enough is ever-growing.

It won't drop off by a cliff, migrating from existing tooling/vendor that works might just not be worth it, but it seems that there will be less and less money in the frontier

True, but open weights models need data centers too. So it depends on which companies we're talking about.

Dotcom was a good buying opportunity? First you had to wait 3 years for it to bottom. Obviously after three years of pain, the dip buyers are all 6 feet under. Even then there was no v shape recovery. Only 2008 and COVID had the quick recovery and long subsequent bull run for tech. But neither one of those was a one day drop. So yeah. Your comment is just cope.