The AI trade is increasingly losing ground: Goldman's AI basket has fallen -24% since May, to near its lowest level since March 2026. At the same time, the Nasdaq 100 Index is down -10% from its highs, trading near its lowest level since July. The selloff reflects growing investor concerns over the enormous cost of AI infrastructure, with surging Big Tech reliance on debt and equity financing, as well as how long it will take for these investments to generate meaningful returns. Meanwhile, the S&P 500 excluding AI stocks is up to its all-time high as defensive sectors and non-AI-related industries outperformed. The AI trade is losing momentum rapidly.