valuation-repricing
1 article
- The Mechanical Repricing of Concentrated Tech Valuations
The U.S. equity market is in a mechanical repricing cycle. The convergence of the 2027 earnings-growth cliff, the discount-rate regime shift, and the AI capex circularity will compress concentrated tech valuations by 10–15% within the November 2026 – May 2027 window. The 20%+ tail is gated by the AI capex → revenue conversion.