U.S. Capital Expenditure Stocks Diverge from Semiconductor Index, 30-Day Correlation Near Zero

According to BlockBeats, on July 24, the 30-day correlation between major U.S. capital expenditure companies and the semiconductor index (SOX) dropped to near zero, the lowest in at least 4.5 years, declining sharply from +0.78 in April and well below the +0.60 average since 2022. Since early June, semiconductor stocks have risen while AI infrastructure spending giants have declined, signaling investors no longer view chip manufacturers and hyperscalers as a single trade.
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