As US equity markets plunged on Monday night on the news China has upended the artificial intelligence arms race, veteran macro strategist Ian Harnett of Absolute Strategy Research released an update of his firm’s Animal Spirits Indicator, which showed mentions of the phrase in English language news and business media are currently running at a staggering six times the two-decade average.

Harnett also posted a fascinating question: is this a sign of real bull-market strength, or does this show an overvalued market running more on vibes than fundamentals?