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AI trading shows divergence: the 30-day correlation between major U.S. capital expenditure firms and the semiconductor index is nearing zero

MarsBitNews
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Mars Finance news: On July 24, data showed that the 30-day correlation between U.S. major capital expenditure companies and the semiconductor index (SOX) has fallen to near zero, the lowest level in at least 4.5 years. It sharply slid from +0.78 in April to far below the average +0.60 since 2022. Since early June, semiconductor stocks have risen while the share prices of AI infrastructure spending leaders have fallen, indicating that investors no longer treat chipmakers and hyperscale data center builders as the same trade. Chip companies’ spending has come under renewed scrutiny in light of AI demand. Analysts believe the next phase of the AI trade will be determined by profitability rather than investment size, and hyperscalers need to prove that their massive spending can generate sufficient returns.
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