Buildout Slows

20%its chance, of the story’s futures

−0.8%on the S&P 500, if it happens

Rather than paying punitive rates, CoreWeave and Nebius delay new campuses, renegotiate leases, and prioritize contracted capacity over speculative expansion. This becomes the clearest channel through which tighter credit hits the AI infrastructure cycle.

What it moves

Technology−1.5%
Industrials−0.6%
Utilities−0.6%
Non-Energy Materials−0.2%

Sectors in percent; other series by direction only.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.

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