Reaction to PPI Data, TeraWulf CEO Interview, Global Energy Markets 10/15/26

Strategists and a data-center CEO debate whether AI stock weakness signals a broader market fragility or a healthy sector rotation.

• Tech sell-off, fragile rotation: S&P only 1% off record highs even as semis/memory (Seagate, Western Digital, SK Hynix, Intel) and CoreWeave (bonds yielding ~17%) sold off; Sosnick warns index-fund exposure means "you are probably invested in AI" whether you know it or not.
• TeraWulf defends co-location model: CEO Paul Prager says TeraWulf (down ~20% in a month) differs from NeoClouds like CoreWeave by owning land/energy, having investment-grade backstops (Google at Lake Mariner), building at $8-10M/megawatt on schedule, and passing cost increases to tenants like Anthropic-linked Fluidstack.

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