Basket of 19 neocloud stocks (NBIS, CRWV, IREN) now merely matches the S&P 500 after wiping out 100-point lead
tengyanAI · x · 2026-11-05
A chart shared by @tengyanAI tracks an equal-weight basket of 19 neocloud companies (including $NBIS, $CRWV, $IREN) against the S&P 500 from Dec 31. The basket surged to a 100+ point lead by June, then steadily gave it all back and now sits roughly flat versus the index.
The author questions the "compute supercycle" narrative: if demand were truly booming, why has the neocloud trade failed to outperform the broader market this year? A notable counter-signal for AI infrastructure sentiment.
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