SoftBank-led selloff hits AI names; valuation jitters ripple from Asia to U.S. peers. Asian tech and chip stocks slid sharply after SoftBank’s drop, stoking broader AI-bubble worries and pushing up volatility. U.S. markets are feeling the knock-on through sentiment and multiples.

Winners

Exchanges and market infrastructure

Why: Spiking volatility and heavier options and futures flow typically lift transaction revenues and data/clearing income. Recent headlines note volatility gauges popping as the AI rally pauses.

Names: $CME, $CBOE.

Gold miners

Why: Risk-off flows and a softer dollar have supported gold this week; miners’ cash flow leverages higher spot prices.

Names: $NEM, $GOLD.

Regulated utilities with data-center tailwinds

Why: In risk-off phases, defensives ...