AI capex faith is cracking. Power stocks are the tell.

Hold Microsoft — FT says Microsoft ended the Nscale deal as a pre-IPO reality check; for MSFT that is capex discipline, with the stock 4% below its 52-week high at 22.5x forward earnings.

Sell CoreWeave — FT's Nscale cancellation hits the most leveraged listed AI-hosting name; CRWV already fell 21% in the prior week and sits 57% below its 52-week high, so the short is crowded but contract risk is real.

Sell Nebius — Nebius sells the same contracted-capacity story to hyperscalers that Nscale just lost; it fell 18% in the prior week and is 43% below its 52-week high.

Sell Vertiv — Any slowdown in new data-centre contracts feeds straight through to equipment orders; VRT fell 13% in the prior week and is 46% below its 52-week high.

Watch Vistra — Bloomberg says AI demand makes grid constraints year-round, but VST fell 7.8% in the prior week and is 27% below its 52-week high—demand thesis intact, price action not confirming.

Watch Constellation Energy — CEG's nuclear baseload should be scarce when AI load is constant, but the stock fell 11% in the prior week and is 35% below its 52-week high; the market is questioning contract duration.

Buy Oil — FT says Hormuz disruption keeps a crude risk premium; USO is 2% below its 52-week high and +133% YTD, so the move is mature but not broken.

Buy Canadian Natural — FT names Canada-to-Argentina as the replacement supply corridor; CNQ sits 1% below its 52-week high at 12.3x forward earnings, still cheap versus the tape.

Buy Vista Energy — FT's Canada-to-Argentina surge includes Argentina's Vaca Muerta; VIST trades at 6.7x forward earnings and 13% below its 52-week high, offering leverage if investment accelerates.

Buy Frontline — Nikkei says the tanker freight surge is crushing refiners, a direct revenue windfall for owners; FRO fell 14% in the prior week despite that, leaving a rate-spike entry.

Sell Valero — Nikkei says Asian and European refiners are in the red on freight; VLO fell 5.1% in the prior week and is 6% below its 52-week high, but US refiners are less freight-exposed than Asia.

Sell Toyota — FT says Japanese manufacturers face shutdown risk from the yttrium chokehold; TM is 22% below its 52-week high and 10.9% down YTD, but the exposure is not quantified.

Watch Rare earths — FT's yttrium shortage is a direct argument for non-China supply; REMX is at its 52-week low and 30.5% down YTD, so the market is not paying for the thesis yet.

Watch MP Materials — The largest US rare-earth processor should benefit from any policy response to the yttrium squeeze; MP is 52% below its 52-week high, so wait for volume confirmation.

Watch Lynas — Lynas is the biggest rare-earth producer outside China and would gain pricing power from a yttrium squeeze; LYC.AX is 49% below its 52-week high despite the shortage.

Sell Vietnam equities — Nikkei's transaction collapse and higher borrowing costs hit the banks and developers that dominate the Vietnam index; VNM is 2% above its 52-week low and 13.8% down YTD.

Sell Vingroup — Vingroup is the country's biggest property and conglomerate exposure; the stock is 21% below its 52-week high despite a 23% YTD gain, with Q4 volume risk.

Sell VinFast — VinFast leans on related-party property cash, and a weak property market makes that lifeline harder; VFS fell 7% last session and is 45% below its 52-week high.

Buy GCash parent — Nikkei reports the $965m GCash parent IPO as the largest ever on the Philippine Stock Exchange; the dominant wallet position is the growth engine, though post-listing price data is not yet available.

Buy Sea Limited — WSJ quotes CEO Forrest Li saying Monee could list to go 'further and faster'; SE fell 5.65% last session and is 32.7% down YTD, so the value is not priced.

Sell Grab — A better-capitalised Monee and GCash sharpen ASEAN fintech competition; Grab is 43.5% down YTD and 54% below its 52-week high, so the short is late but the pressure is real.

Buy Cybersecurity — FT and The Information both confirm a foreign-government link inside OpenAI; that is a headline argument for more security spend, and CIBR is 10% below its 52-week high after a 7% prior-week drop.

Watch Saudi equities — FT and The Information say Saudi royal ties are central to the case; that could complicate Saudi access to US AI technology, and KSA is 15% below its 52-week high and 4.4% down YTD.

Buy Tyson Foods — Cheaper corn means cheaper feed and better poultry margins; TSN is 22% below its 52-week high and 7% down YTD, so the margin tailwind is not priced.

Sell Corn — Bloomberg says weak demand drove the longest losing streak since early 2025; CORN is 12% below its 52-week high, but the technical-bounce warning keeps conviction low.