[AI Trading Diverges: 30-Day Correlation Between Major U.S. Capital Expenditure Companies and Semiconductor Index Approaches Zero] BlockBeats News, July 24 — Data shows that the 30-day correlation between major U.S. capital expenditure companies and the Semiconductor Index (SOX) has dropped to near zero, marking the lowest level in at least 4.5 years. This is a sharp decline from +0.78 in April and significantly below the average of +0.60 since 2022. Since early June, semiconductor stocks have risen while shares of AI infrastructure spending giants have fallen, indicating that investors no longer view chip manufacturers and hyperscale data center builders as part of the same trade. Chipmakers are benefiting from AI demand, while spending faces skepticism regarding returns. Analysts believe the next phase of AI trading will be driven by profitability rather than investment scale, with hyperscalers needing to prove that massive expenditures can generate sufficient returns. [Original Link]