AI Trade at Crossroads as Hyperscaler Concerns Mount: Commerzbank

In a note, Commerzbank's Marco Stoeckle highlighted that the AI trade is at a critical juncture. Enthusiasm around the 'Magnificent Seven' is waning as large cloud providers grapple with mounting cash flow pressures and leverage concerns.

Meanwhile, semiconductor and memory stocks had experienced hyperbolic rallies—tracked by the SOX and KOSPI indices—before undergoing a sharp pullback. The contrast suggests a shift in market narrative from broad AI hype to a more cautious, stock-specific assessment.