How you are all preserving capital?

I feel like the stock market is overvalued right now, and the risk/reward isn't there for me personally. Most companies are experimenting with and overspending on AI without any clear ROI yet. The same logic applies to chip and memory stocks, prices are up only because of huge demand driven by data center buildouts and hyperscalers competing with each other, but the moment any one of them slows down capex, those order books get canceled fast, and the premiums they're charging will vanish. I feel like Meta's plan to sell/release compute is a sign that capex is going to slow soon, and that AI demand or revenue isn't going to match what companies expected or spent toward. I also feel that AI token demand is bit inflated by services automatically summarizing stuff, rather than actual usage (Word summarizing document without any prompt or meeting summaries). Another thesis that I have is that there is some accounting math/lag going in earnings calculation, where the NVDA or memory companies are counting their revenues and profits immediately but hyperscalers are not expensing it (so their true impacts of spending is not yet visible in net earnings, same thing played out in dot-com time). For now I'm parking my money in CDs and booking some profits. How is everyone else preserving capital or hedging right now? On a separate note, I feel like most of us have never actually been through a real stock market crash. The COVID downturn barely lasted a year or two, same with the tariff sell-off, which lasted a month or less. The last real crash was 2000/2007-08, and it took 13 years to fully recover for dot com and 7 years for housing bubble and the current scale is so much higher. For those who lived through an actual crash, what are you doing differently?