The S&P $SPX is down 5.45% since the past month. Resilient if you ask me 🤔 and here's why: $NVDA is currently down 23% from recent high $META -21% $AMZN -10% $GOOGL -30% $AMD -31% $SMCI -41% $MU -45% $NFLX -45.7% $INTC -60% These 9 names combined accounts for roughly 26% of the S&P $SPX So it's fair to say that 26% of the index already had their fair share of punishment. Context clarify what's behind all this and it's clearly the over regulation fears. Now let's be rational, dig deeper and form a conclusion. It's the AI buildout over ? Let's be realistic here. After the midterms it's important to understand that the facilities already running are hard to shut down or heavily restrict. They have existing permits, power contracts, and legal protections. Retroactive closures face major legal barriers. The ongoing & future projects are the ones potentially facing headwind , specially future projects. This is where the bulk of Democratic proposals sit: national or state moratoriums on new data centers. Even here this doesn't mean the end of the buildout my friends. It just means higher costs, longer timelines, and more friction for new projects. The main demands are financial and process oriented. Require data centers to pay for the grid upgrades and new generation they need, end or tighten tax incentives, add environmental/water standards these only raise the cost of capital and slow permitting they don’t make the economics of large scale AI infrastructure impossible This isn't going to stop the hyperscallers from their heavy investing agenda on infrastructure. $AMZN , $META , $GOOGL , $MSFT they can mathematically absorbe this. Bottom line: demand for $NVDA won't slowdown. AI could get expensive to build but the buildout will continue.