The Pendulum SwingsFor months, the market worried that AI capex had become unsustainable. Now, those concerns are finally showing up where they usually appear first: the credit market. Yet while hyperscaler balance sheets are facing increasing scrutiny, semiconductor positioning has already undergone a brutal reset. The question is no longer whether excess has been removed, but whether the pendulum has begun to swing too far.A quarter-trillion
The AI Trade: From Euphoria To Capitulation
The AI trade has gone from Wall Street's most crowded... to one of its most washed-out. Credit is cracking. Positioning has been flushed. Has the pendulum swung too far?








