Jun. 26 at 8:50 PM
Nasdaq just logged its 5th straight down session - and this one is clearly being driven by a rapid sentiment reset in AI + semis.
The catalyst: reports that OpenAI may delay its IPO into next year. That single headline is now being interpreted as a signal that the pace of AI infrastructure financing could slow, not just a corporate timing issue.
That’s where the spillover starts:
$MU -4%
$INTC -3%
$AMD -2%
SoftBank -12% in Tokyo
Kospi -5.8% - broad Asia risk-off move
What you’re seeing is not just stock-specific weakness - it’s a global de-risking of the AI capex trade, with JPMorgan even flagging potential sustainability concerns if capital markets funding slows.
And as usual in late-cycle rotations, money isn’t leaving the market - it’s rotating:
$LLY +7%,
$JNJ +3%, defensives, staples, utilities all catching flows.
Adding macro pressure: Kashkari signaling potential additional rate hike risk due to inflation tied to geopolitical shocks - which doesn’t help growth duration multiples either.
Feels like one of those moments where the AI trade doesn’t break… it just gets repriced.
