The AI Sell-Off Is About Pricing Power, Not Demand

Why markets are repricing AI infrastructure, from Broadcom to data centers, and what really matters for returns

Over the past few weeks, markets have clearly tightened. AI-exposed infrastructure stocks are down, neocloud names are under pressure, and even companies that delivered strong earnings have not been spared. Broadcom sold off. Data-center and power-linked equities followed.

This is not a collapse in AI demand. It is a reassessment of returns.

The market ha…