At the beginning of this year, many were hailing a triumphant American economy buoyed by the prospect of tax cuts, deregulation, cheap energy, and massive investments in artificial intelligence. In January, the World Economic Forum in Davos celebrated the unleashing of the “animal spirit” in the U.S. economy. U.S. companies’ stock valuations—in particular digital firms—seemed as though they could not get any higher. In panel discussions, roundtables, and closed-door meetings, analysts exalted