All right, Kel, thanks so much. Welcome to closing bell. I'm Scott Walker, live from Post 9 here at the New York Stock Exchange. Here's how we look with 60 to go in regulation today. It has been a mixed day for much of the session. A rare tariff-free newsday. Believe that. And this make-or-break hour begins with a big question about this market and what's been the most talked about trade of the past two years, AI, of course, from the hyperscalers like meta, Microsoft, Amazon, and Alphabet spending billions to Chip King Nvidia reaping those rewards, the money chase soon moving to data centers and the companies that will power them. But now one well-known tech titan wondering whether history might be repeating itself

or at least rhyming with a quite perilous period of the past.

We do have several reports and reporters on the case.

Gerja Bosa with the comments that sent several stocks lower today.

Christina Parts of Nevelos is watching the fallout in the chips and Leslie Picker

following the big money chasing those data center dreams.

Dee, we begin with you today.

So, Scott, the latest cold water on massive AI spending.

It comes from Alibaba group chair, Joe Si.

Over the weekend, he warned of a potential bubble forming in data center construction and questioned whether the

pace of the buildout might outstrip demand. Now, this touches on anxiety that has been building

in the tech community since Deepseek's breakthrough showing that cutting edge models, they can be

built far more efficiently and cheaply than anyone thought. Deepseek and then the many models that followed using a similar format also provided

more justification for a digestion phase, referring to a period where companies slow down

massive infrastructure investment take stock of performance and ROI before scaling further.

But no one in the West wants to be associated with a slowdown.

The AI race is seen as too fierce, too important.

Microsoft CEO Saty and Adele, he actually floated a sentiment similar to size about a month ago

when asked on a podcast if he would spend hundreds of billions of dollars on compute

to compete on the frontier.

He said he was taking a more balanced approach because

there will be, and I quote him, there will be overbilled. And he was happy to lease capacity

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