CNBC's experts on whether the AI trade is ending and what investors should do next

Impact · against what's priced in

The tech rout creates a negative catalyst for Microsoft as political threats to data center buildouts jeopardize the cloud revenue growth the market currently demands. Conversely, Motorola Solutions and Sony emerge as relative winners, benefiting from a rotation into non-AI tech names.

MSFT−0.50

Challenges what's priced in

The price assumes

Server and cloud revenue growing near 30% annually