$KINGBOARD HLDG(00148.HK), $Caterpillar(CAT.US), and $Occidental Petroleum(OXY.US) all fell today — Kingboard dropped five percentage points, $Caterpillar(CAT.US) fell over five points, and $Occidental Petroleum(OXY.US) dipped two points.
When the AI computing power theme gets sold off, funds typically rotate into industrial and energy sectors for safety. However, this logic didn't hold today — all three stocks followed the decline, possibly reflecting a weakening marginal expectation for cyclical demand (oil prices dropped from 126 to 83 after the US-Iran reconciliation).
This creates a dilemma for holding positions: reducing holdings might mean missing the next rotation starting point; not reducing them means watching the cyclical narrative being priced down.
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