Returns for AI since 6/2 post date 📉 Most AI names/sectors have continued moving down On 6/25, Memory and Semi's were the standout (+14% and +7%) but are now down 1% and 13% since the Thesis post on 6/2 Returns for most of the AI names have continued on their decline. It is crazy the KOSPI is down like ~27% the last two weeks and Samsung is down 32% driving a lot of the exchange move The market is rotating away from levered AI infrastructure and more hyped baskets into hyperscalers Neoclouds, servers, optics, memory, and China AI hardware all fell, while MAG7 held up far better Again long term I think we get AGI (and long term AI markets are up and to the right) but I think the cost switching to open source and the funding cycle becoming exhausted is leading to AI names trading down short to mid term