The AI trade is undergoing a massive reversal: The AI Beneficiaries Index relative to the AI At Risk Index has fallen -46% from its late 2025 peak to near its lowest since early 2025.

AI Beneficiaries include semiconductors, tech hardware, and capital-goods companies involved in AI infrastructure such as Nvidia, $NVDA, AMD, $AMD, Microsoft, $MSFT, and Broadcom, $AVGO. At the same time, AI At Risk includes software and commercial-services companies such as Adobe, $ADBE, Salesforce, $CRM, and ServiceNow, $NOW. In other words, companies previously expected to benefit from AI have seen the largest drawdown on record relative to companies considered vulnerable to AI disruption. This comes as inve

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