Oil price tailwind wears off, and the market starts repricing the AI industry chain

Under normal circumstances, falling international oil prices mean lower inflation pressure, which is beneficial for valuation repairs in growth stocks. However, this time the market shows a completely opposite trend. AI panic sentiment quickly overwhelms macro tailwinds: the semiconductor index plunged more than 5%, with storage leaders such as SanDisk among the biggest decliners, indicating that capital is rebalancing risk appetite.

In recent years, the rally in US tech stocks has depended to a large extent on the AI narrative, with the market assigning valuations far above the historical average. When investors begin to worry that the rollout pace of AI infrastructure spending may slow and that corporate capital expenditures are becoming more rational, even if oil prices fall, it is still difficult to change investors’ intent to lock in profits.

It is worth noting that this round of adjustment spans multiple sub-sectors, including GPUs, storage, equipment manufacturing, and optical modules. This suggests that capital is not targeting a single company, but is instead reducing positions across the entire AI industry chain. Such systematic repositioning is typically accompanied by large market volatility.

That said, based on past experience, every technological revolution goes through an alternation between rapid surges and deep pullbacks. The AI sector still has ample room ahead, but the market will focus more on the speed of profit realization rather than simply telling growth stories. #夏日创作营