Investment bank Saxo said that the stock market is beginning to differentiate between the strengths and weaknesses of the AI field. Charu Chanana, chief investment strategist at Saxo said: “In most of the previous upward market, the acceleration of AI investment was sufficient to boost almost all assets associated with this theme. The market is now increasingly demanding profitability, financing, and capital discipline.” In a report, Saxo compared the recent strong performance of chip manufacturing giants such as TSMC, Samsung, and ASML with heavily indebted AI infrastructure companies such as CoreWeave, smaller rivals Nebius, and Oracle. CoreWeave's financing costs have risen sharply recently, and some bonds issued by the company this year have fallen to new lows in the secondary market. CoreWeave shares plummeted 15% yesterday. “Coreweave has become one of the clearest warning signs in the AI financing market,” Chanana wrote. She said that rising borrowing costs may begin to curb data center builders' spending: “Investors are increasingly unwilling to fund the growth of AI infrastructure at any cost.”

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