The AI investment narrative is shifting gears. What used to be a straightforward "buy everything AI" momentum play is morphing into something far more selective, according to traders at a major Wall Street firm.

Their latest take? We're entering a zero-sum environment where winners and losers will diverge sharply. Not every AI-related asset will ride the wave anymore—some will sink while others soar. This marks a significant change from the blanket optimism that dominated earlier.

Meanwhile, Jensen Huang recently dropped a bold prediction that's turning heads: China is positioned to win the AI race. His comments add another layer of complexity to how capital flows might redirect in this space. Geopolitical factors are no longer background noise; they're front and center in investment theses.

For those tracking AI exposure in portfolios—whether through tech equities, infrastructure plays, or crypto projects leveraging AI—the playbook just got rewritten. Selectivity over enthusiasm seems to be the new mantra.