Is the AI Trade Reversal Just Beginning? What the Picks-and-Shovels Selloff Really Means

The AI infrastructure selloff reflects decelerating hyperscaler capex growth and a training-to-inference shift, not just sentiment, host argues.

• AI hardware selloff accelerates: Goldman's basket of regional AI hardware stocks fell 11% in one week; U.S. semiconductors dropped 16% over eight straight sessions, the Nasdaq's worst week since April.
• Hyperscaler spending growth decelerating: Capex grew 94% to $800B in 2025, but is forecast to slow to 50% ($1.4-1.5T) in 2026 and just 17% ($2T) the following year.

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