To The Moon

The AI selloff has spread across the entire ecosystem, from data-center infrastructure and semiconductors to software, cloud computing and space technology.

All 24 stocks below are trading below their all-time highs.

📉 THE BIGGEST DRAWDOWNS

🔴 $Ouster Inc.(OUST)$ : $32.14 | -80.2%
🔴 $AST SpaceMobile, Inc.(ASTS)$ : $42.30 | -68.2%
🔴 $IREN Ltd(IREN)$ : $26.25 | -65.6%
🔴 $Applied Optoelectronics(AAOI)$ : $79.19 | -64.5%
🔴 $APPLIED DIGITAL CORP(APLD)$ : $19.41 | -61.7%
🔴 $IONQ Inc.(IONQ)$ : $31.72 | -61.4%
🔴 $Rocket Lab USA, Inc.(RKLB)$ : $58.60 | -61.0%
🔴 $Oracle(ORCL)$ : $144.54 | -56.0%

💻 SEMICONDUCTORS & AI INFRASTRUCTURE

🔴 $ARM Holdings(ARM)$ : $228.77 | -47.9%
🔴 $Western Digital(WDC)$ : $395.52 | -47.0%
🔴 $SanDisk Corp.(SNDK)$ : $1,330.30 | -43.0%
🔴 $NEBIUS(NBIS)$ : $171.99 | -40.0%
🔴 $Intel(INTC)$ : $92.08 | -34.7%
🔴 $Bloom Energy Corp(BE)$ : $228.08 | -34.1%
🔴 $Marvell Technology(MRVL)$ : $218.34 | -31.0%
🔴 $Broadcom(AVGO)$ : $351.81 | -26.9%
🔴 $Micron Technology(MU)$ : $983.23 | -19.0%
🔴 $Lumentum(LITE)$ : $919.53 | -18.8%
🔴 $Advanced Micro Devices(AMD)$ : $566.42 | -12.8%
🔴 $NVIDIA(NVDA)$ : $213.72 | -10.7%

🧠 SOFTWARE & BIG TECH

🔴 $ServiceNow(NOW)$ : $150.13 | -35.9%
🔴 $Meta Platforms, Inc.(META)$ : $624.52 | -20.9%
🔴 $Palantir Technologies Inc.(PLTR)$ : $196.44 | -6.0%
🔴 $Microsoft(MSFT)$ : $530.14 | -2.4%

⚠️ A 40% drawdown doesn't automatically make a stock cheap.

The key questions are whether earnings expectations have reset, whether AI demand remains intact, how much future growth is already priced in, and which companies can turn AI spending into sustainable cash flow.

The AI trade is repricing. The next question is which businesses can justify their valuations.