The AI computing infrastructure theme was collectively sold off today.

$Vertiv(VRT.US) and $Hewlett Packard Enterprise(HPE.US) both fell over six percentage points. $Applied Digital(APLD.US) fell over four percentage points. $IREN(IREN.US) and $CIG(06166.HK) fell one to two percentage points, respectively.

Two signals of a loosening sector narrative: first, "unsustainable AI Capex" is starting to be written into research reports by mainstream sell-side analysts; second, news of OpenAI delaying its IPO has spread skepticism about the pace of AI capital expenditure from the primary market to the secondary market. High-beta names like $Vertiv(VRT.US) will take the hit first.

In terms of pricing, this round of correction has pulled $Vertiv(VRT.US) and $Hewlett Packard Enterprise(HPE.US) back from their previous highs to near their levels at the beginning of the year. Whether computing infrastructure has entered a valuation repair zone is one of the core questions for the next 2-3 months.