Meantime, Magsevon names are still in the red, losing more than $1.5 trillion in value in today and yesterday's sessions.

Tariffs we talked about earlier might hit the hyperscalers posing a threat to data center plans.

Our dear Dubose is watching that for today's tech check. Hey, Dee.

Hey, good morning, Carl. So the AI trade, of course, that has powered megacaps over the last few years.

There was already fatigue, and now that tariff impact on data center buildout threatens to further disrupt them.

And other sectors, by the way, like energy that were beneficiaries.

Now, the massive projects, they were billed as economic game changers.

They promised to spur growth, create jobs, cement the U.S. as a global

leader in artificial intelligence. But tariffs now threatening to slow down expansion in a number of

ways. You know, one, it'll make tech equipment more expensive. Bernstein estimates that data processing

machine imports were at $200 billion in 2024, mostly from China, Taiwan, Mexico,

Vietnam. Tariffs also target raw materials like steel and aluminum. That's key for construction.

Also green energy, a key source of energy for those data centers meant to be built.

Now, Corweave in its IPO prospectus about a week ago already flagged tariffs in its risk section,

saying they had impacted the availability and the cost of GPUs.

Its largest customer is Microsoft.

A recent report pointed to Google as a potential new customer.

So even its ability to serve megacaps and the AI boom in terms of computing power, that's now further at risk.

There's also Project Stargate, a half a trillion dollar initiative from OpenAI SoftBank and

Oracle to build out the next generation of AI infrastructure. That also hinges on a steady supply

of chips, networking hardware, and raw materials. There's also financing, guys. If trade uncertainty

tightens credit markets and hurts the consortium's ability to secure debt financing, which it was

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