AI De-Rating Continues

The most likely path is further multiple compression across the AI infrastructure trade as investors reassess the timing and profitability of hyperscaler spending. Nvidia remains the focal point because the VR200 delay and Microsoft capex cut reinforce worries that AI demand is no longer supply-constrained at any price.

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