$Applied Digital(APLD.US) fell seven points. Stories about AI data center lease agreements are the first to be dumped when risk appetite shrinks; $Kingsoft Cloud(KC.US) also fell slightly, $Cisco(CSCO.US) dipped a little, and $Arista Networks(ANET.US) basically didn't move. The stratification within the computing power chain is clear: the closer to the "story," the more it falls; the closer to "cash flow," the more stable it is.

Is the capex cycle really shifting from acceleration to stability, or is it actually peaking? The answer is more likely the former—none of the major companies' capital expenditure guidance has been revised downward; it's valuations, not orders, that are falling. But "shifting to stability" also means that the mode of violent rebounds for high-elasticity targets needs to change gears.