Overhangs Limit Repricing

12%its chance, of the story’s futures

−0.3%on the S&P 500, if it happens

The headline results are strong, but the market has already priced in much of the AI acceleration after the prior data-center recovery. Investors become more sensitive to valuation, export controls, and concentration in a small set of hyperscale customers.

What it moves

Technology−0.5%

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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