Leopold’s Negative Gamma Loop? The Encore

The Signal reads this week’s sharp drop in AI-linked stocks as forced selling by leveraged
investors, not a change in the demand for computing power. Semiconductor stocks fell nine
sessions in a row, their longest losing streak in at least 15 years, yet more stocks rose than fell
on most days, and the demand readings the Signal tracks kept moving up. The Signal also
examines why the strain looks to be in how new data centers are financed, rather than in
demand for what they produce.
Read the full Thesis ->

• Learn why forced selling can move prices without changing the cash flows behind them.
• Understand how demand for computing power rose even as chip stocks fell.
• See where financing strain is showing up in AI infrastructure credit.
• Discover why a bid for market laggards may argue against a bear market.

Published by N10°Assets, the Weekly Signal distills the week’s most consequential
developments across the themes our Assets team believes are structurally driving markets: AI
infrastructure, power and energy, enterprise technology, capital markets intelligence, and the
macro forces shaping long-duration capital allocation.