AI Stocks — The Suppliers Get Paid, the Spenders Get Sold

Last week the security layer led and the builders looked for a floor. This week the market chose by invoice.

The suppliers that beat were paid — Vertiv +19.6%, Entegris +14.8%, Aixtron +13.7%, Quanta +13.6%, Lumentum +11.2%, SK Hynix +11.0% in Seoul — and the companies that spend on AI, or sell software on top of it, were sold: Reddit −36.4%, ServiceNow −33.9%, Fortinet −24.4%, Twilio −21.7%, Alphabet −12.6%. Intel fell 24.4% on its outlook. The build-out inde…