Mind The Tape

Mind The Tape

The AI Infrastructure Trade

Late-cycle fears bite, but is the trouble here to stay or is this a buyable dip?

Alex Corrino's avatar
Alex Corrino
Oct 18, 2026

Betting on the Inputs

Standard Chartered has a chart going around that I think tells you more about the next year in semis than most of what I’ve read this quarter. AI capex growth peaked at well over 100% year over year in Q3 2026. Their estimate has it falling to around 20% by the back half of 2027.

AI capex growth vs. the Nasdaq-100 (Standard Chartered)

Look at the line they overlaid on it, too. The Nasdaq-…

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