PremiumStocks Panicked, Credit Yawned: Who's Right?
The Blue Wave split the AI trade in two.
On one side are the 72 S&P 500 companies selling picks and shovels into the AI buildout: chipmakers, power producers, networking and cooling. On the other are the five hyperscalers buying all those picks and shovels. Since the midterm results, the first group has lost 13.3% in two days. The second group is up.