Capex Backlash Deepens

27%its chance, of the story’s futures

−1.6%on the S&P 500, if it happens

The underperformance leads investors to question whether hyperscaler AI spending can generate adequate returns. Pressure builds on companies tied to GPUs, data centers, and AI cloud financing.

What it moves

Technology−3.1%
Business Services−1.1%
Utilities−0.5%
Industrials−0.4%

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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