The AI-capex/semiconductor correlation just broke and I don't think it's noise
u/Quechivoeth ·
Reddit — r/stocks
· August 25, 2026 at 17:55
· ⬆ 23 pts
· 💬 53 comments
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The 30-day correlation between AI-capex stocks and semiconductor stocks just fell from +0.78 to near zero, clearly the lowest reading in 4.5 years. Part of what's underneath it is that the four biggest hyperscalers are now carrying roughly $1.65 trillion in off-balance-sheet AI obligations, mostly multi-year leases that don't show up as debt the way a loan would. People keep reaching for Enron as the comparison but I think this is the wrong one now, that was fraud and this is real infrastructure. The difference this time is real inference demand backing a chunk of the spend, not speculative fiber capacity nobody was using yet, imo bullish. Still watching and waiting for more data..