Among AI crowd, some investors position for slower hyperscaler spending growth

Short summary

Some investors are now positioning for a slowdown in hyperscaler capital expenditure growth, reversing a two-year trend of piling into semiconductor and infrastructure stocks. The prior trade assumed Microsoft, Amazon, Alphabet, and Meta would keep accelerating data center buildout indefinitely. This shift signals growing caution about the sustainability of AI infrastructure spending.

• •Investors reversing prior bet on accelerating hyperscaler capex
• •Microsoft, Amazon, Alphabet, Meta spending growth questioned
• •Semiconductor and infrastructure stocks face potential revaluation

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