Sunday links: economic failures

MarketsValuations don't typically fall during a bull market. (awealthofcommonsense.com)Seven recent market data points including 'The sector that correlates most closely with negative sentiment is having a rough year.' (ritholtz.com)The election will take one uncertainty off the board. (tker.co)AIBig Tech is swapping buybacks for capital spending. (reuters.com)AI spending is coming with a higher (debt) price tag. (wsj.com)A company founded just six (or so) years ago could be valued at $1.5 trillion. (readtrung.com)How AI has upended the business of venture capital. (investing101.substack.com)The economy increasingly looks like a big bet on AI. (theatlantic.com)CompaniesThe biggest companies in the market increasingly sell to business, not consumers. (asymco.com)Intel ($INTC) had a historically bad Friday. (cnbc.com)So did Reddit ($RDDT). (cnbc.com)Foreign policyIn Venezuela the U.S. is siding with the current authoritarian regime over the democratic opposition. (danieldrezner.