Semis and AI-capex stocks just broke their 4.5-year lockstep
The 30-day correlation between AI-capex and semiconductor stocks collapsed from +0.78 to near zero, the weakest in 4.5 years. After four years of lockstep moves, hyperscalers are now trading independently of chipmakers as capex-durability doubts hit semis hardest. J.P. Morgan reads it as investors finally rewarding both sides of the AI value chain at once, a broadening rather than a rotation.