The AI trade may have a problem that Wall Street did not fully price in.
The product is getting cheaper.
Fast.
🔴Hyperscaler stocks are now directly tracking AI token prices:
The UBS Hyperscaler Basket, including Amazon, Microsoft, Meta, and Alphabet, is down -13% since the early June peak.
This is closely mirroring the decline in the Silicon Data LLM Token Expenditure Index, which has… pic.twitter.com/vjaCmrIMeq
— Global Markets Investor (@GlobalMktObserv) June 23, 2026