Goldman Delta-1 head this AM: "I think there are a few things going on: First, at least in pockets credit is starting to ask questions that equity largely ignored. NVDA/BroadcomCDS has widened materially as the market focuses on AI financing backstops and off balance sheet commitments, feeding into the broader derating of semis. Second, Street dialogue has started shifting toward inventory builds across parts of the semi chain. Third, power bottlenecks and growing policy pushback around data centers are adding uncertainty around the speed and ultimate capacity of the build. None of these kill the AI story, but the range of outcomes is clearly getting wider = lower multiples (SOX on 24m forward P/E has gone from 21-22 to 15ish)."(zerohedge)