Worst month on record for hyperscalers. Highest VXN/VIX ratio in nearly a decade. Something has changed.
The AI ShiftThe market is starting to ask a different question. Instead of focusing on who benefits from AI spending, investors are increasingly focused on who has to pay for it. Rising tech volatility suggests that transition is becoming increasingly uncomfortable.Hyperscaler capitulation
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The hyperscalers are under pressure and the message from the market is clear: show us the money or cut back your investments.
