73% of AI capex plays underperform

Screened 40 large caps most tied to AI capital spending and 73% have trailed the S&P YTD by a median of about 9 points. Power and cooling names diverged the most. Vistra trades at 42x forward now versus 28x a year ago but is only up 4% while the index sits around 13%. Eaton and Vertiv show a similar pattern: multiple expansion running well ahead of actual revenue guidance upgrades. Semis look better on the surface but strip out NVDA and AVGO and the remaining group (MRVL, INTC, MU, KLAC) is basi