[The Correlation Between U.S. Capital Expenditure Giants and the Philadelphia Semiconductor Index Drops to Zero] According to the Kobeissi Letter, the 30-day correlation between the largest U.S. capital expenditure companies and the Philadelphia Semiconductor Index has approached zero, reaching its lowest point in at least 4.5 years. This marks a decline from 0.78 in April and is below the average level of 0.60 since 2022. Since early June, semiconductor stocks have risen, while the stock prices of major investors in AI infrastructure have weakened. Chip manufacturers have benefited from the growing demand for artificial intelligence, while hyperscale cloud service providers face market skepticism regarding the returns on their high capital expenditures. The core of AI-related trading has shifted from investment scale to profitability.