AI fatigue is gripping the market and driving chip stocks toward their worst stretch in 16 months
THE SO WHAT
Public market "AI fatigue" and a 16-month-worst stretch for chip stocks tell you the easy multiple expansion phase is over — capital now wants proof that AI spend drives earnings, not just headlines. If you’re a buyer of GPUs or AI services, this is leverage: push vendors on unit economics and long-term pricing, not just capacity.
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