Cooling CPI boosted sentiment, but the real story was the shift in sector leadership and capital flows.
IBM's selloff reinforces that AI spending is shifting toward chips, memory, and infrastructure rather than software.
Leadership from SK Hynix, Nvidia and semis suggests AI capex remains strong despite near-term pressure on software.
ASML and TSMC earnings are the next key catalysts to confirm whether this AI infrastructure trade still has momentum
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