WS #15561

The AI sector is undergoing a sharp repricing following the confirmation that OpenAI's annualized revenues are approximately $20 billion below previous guidance, a significant miss that has triggered a broad selloff in AI infrastructure and cloud services names. This fundamental disappointment is compounded by a regulatory headwind as the US government targets H-1B visa programs for companies like Microsoft and Adobe, raising concerns about a potential AI talent drain and R&D disruption. While the macro narrative remains dominated by geopolitical risk, this specific AI supply-demand mismatch is creating a divergence where AI software and services face structural headwinds even as hardware demand remains robust.