Testing The AI TradeThe AI trade is approaching an important inflection point. Markets are testing key technical levels, volatility is beginning to price broader downside risks and the debate over whether hyperscalers can justify ever-higher AI capex is gaining momentum. None of these developments are decisive on their own, but together they suggest the market is entering a much more demanding phase.NDX
The AI Trade's Inflection Point
The AI trade has reached its line in the sand. SOX is testing the trendline that has defined the rally.










