AI Arms Race Broadens

20%its chance, of the story’s futures

−0.1%on the S&P 500, if it happens

Alphabet’s negative free cash flow is viewed as evidence that the AI infrastructure race is becoming more capital intensive across the hyperscaler group. The market separates likely AI suppliers from cloud platforms facing higher depreciation and power costs.

What it moves

Technology+0.1%

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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