Fidelity's Timmer: AI trade dead for 3 months, token spend and GPU lease rates flat to down
whurley · x · 2026-09-24
Fidelity analyst Timmer notes the AI trade has been dead money for over three months. The metrics he tracks — token expenditures and GPU lease rates — are flat to down, with memory (DRAM) prices the only thing still rising.
Shared by whurley as a strong read on the market, this is an institutional counterpoint to the prevailing "explosive AI demand" narrative.
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