I think “Trump fed the AI trade 100x leverage” overstates the policy effect.
Trump clearly accelerated permitting, deregulation and AI infrastructure buildout, but the industrial-policy foundation was already there under Biden — CHIPS Act subsidies, TSMC/Intel/Samsung fabs, and Biden’s Jan-2025 EO already put federal land, power and expedited permitting behind frontier AI data centers.
But Trump’s macro impact has bearish for everything. The Iran war/energy shock, alongside tariffs, helped turn an active Fed easing cycle into the first rate hike in three years. We went from three consecutive cuts in late 2025 to a hike yesterday.
@AntonLaVay I think the problem is Trump has been feeding AI trade 100x leverage but if Dem take back power it could reduce the leverage and ai names will get a very big discount before finding out it is actually fine aka deleveraging