WS #16948

The AI infrastructure trade is undergoing a violent repricing, marking a decisive shift from the previous cycle's growth narrative. The Nasdaq 100 has dropped over 6% into correction territory, driven by a confluence of Microsoft's AI capex delays and a broader realization that the depreciation costs of the current buildout are unsustainable. This is not a generic tech selloff; it is a specific unwinding of the AI compute thesis, dragging down AMD, Micron, and CoreWeave by double-digit percentages as the market questions the near-term ROI of hyperscaler spending.