美国股票观点：AI 交易的扩散与收窄-US Equity Views_ The broadening and narrowing of the AI trade

24 February 2026 | 6:37PM EST Portfolio Strategy Research US EQUITY VIEWS The broadening and narrowing of the AI trade AI capex surprises and spreading fears of disruption risk have injected new volatility into the AI trade in recent weeks. Memory stocks have rallied by an average of 55% YTD while software stocks have plunged by 24%. We expect modest further upside to consensus hyperscaler capex estimates but continue to expect a peak in the capex growth rate later this year. Consensus estimates show hypers ...