$SOXX.ETF plunged 25%, while $QQQ fell more than 10%. Is this latest pullback in U.S. AI stocks a golden buying opportunity, or the beginning of a bubble bursting?

From the close on October 6 to the close on November 9:

SOXX (semiconductor ETF): down 25.3% overall
QQQ (Nasdaq-100 ETF): down 10.6% overall

A string of negative developments has emerged recently:

• AI capital spending is too high, prompting the market to question returns on investment.
• Data center construction faces regulatory headwinds, and projects may be delayed.
• Credit spreads on AI-related debt have widened, increasing financing pressures.
• On November 10, U.S. CPI rose 0.4% month over month, above the expected 0.3%, further intensifying pressure to raise interest rates.

In just one month, the market’s valuation logic for AI has already changed.

But what I most want to know is this: after all these negative developments have come to light, how much risk has already been priced out of valuations?

Do you think U.S. AI stocks have fallen far enough?