Being bullish on artificial intelligence has been, for the most part, a great trade. Nvidia Corp.’s stock is up 83% over the past two years. SK Hynix is up 220%. Anthropic is up more than 400% in less than a year. Over the past few years, a consensus has developed that AI will be big, that companies will spend tons of money building it, and that companies that sell chips and power into the AI boom will make a lot of money. There have been related fears that traditional software companies will lose out. Adobe Inc. is down 51% over the last two years.