The AI sell-off isn’t about demand – Phase 1 is getting longer and more expensive

Kospi down 7%, chip stocks sliding, yet ASML is raising its outlook and AI revenues keep soaring. The sell-off is not about demand. The bond market has so far absorbed the AI build-out quietly, through real yields alone. But that calm rests on two beliefs – and one of them now depends on who runs the Fed. What happens if the anchor gives way?

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