Sentiment Drops PMIs and GPU Rental Prices

Global markets remain constructive behind a persisting rally in Japan and AI infrastructure demand, though cautious sentiment and supply-chain driven PMIs suggest underlying fragility.

Key Takeaways

• 1.The market is in a period of extreme AI infrastructure constraint, broadening from compute into memory, power, and industrial inputs.
• 2.PMI data suggests a growth cycle driven by precautionary inventory building and supply security rather than broad end demand.
• 3.Sentiment has turned cautious despite the market rally, with notable drops in AAII Bull-Bear and NAAIM surveys.

Table of Contents

• Iran/oil
• PMIs
• Bull/Bear
• Side-note

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