Today’s trading day began fairly innocuously but that benign touch did not last. First, reports emerged that China’s NDRC has tightened energy efficiency regulations for domestic data centers, which, for all practical purposes, now exclude NVIDIA’s H20 GPUs, thereby threatening $17 billion (13 percent of total revenue) in sales that the GPU giant still derives from China. Then, TD Cowen again flagged Microsoft’s accelerating data center lease cancelations, prompting investors to question the sustainability of the ongoing AI-related CapEx. Finally, President Trump capped off an already gloomy day by throwing recession-inducing auto tariffs into the mix. To wit, TD Cowen […]
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