Oguz Erkan(@oguzerkan):This is not good for the AI trade. JP Morgan sees fewer new data center projects, and a decline in construction spending. This is why $NVDA is stuck at 15x forward earnings and it’s not going to get much better. This is a direct signal that AI capex is about to peak.

Oguz Erkan

@oguzerkan

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Oguz Erkan@oguzerkan

2026.10.09 09:17

This is not good for the AI trade. JP Morgan sees fewer new data center projects, and a decline in construction spending. This is why $NVDA is stuck at 15x forward earnings and it’s not going to get much better. This is a direct signal that AI capex is about to peak.