Deeper Capex Contagion

its chance, of the story’s futures

−3.2%on the S&P 500, if it happens

The selloff deepens because investors begin treating Microsoft’s capex reduction as the first sign of an industrywide AI infrastructure retrenchment. Hyperscaler debt issuance, data-center economics and chip order visibility come under renewed scrutiny.

What it moves

Technology−4.6%
Utilities−1.4%
Riskier companies' borrowing costs▲ up
Market volatility▲ up

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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