FUTURE3.AI · CASSANDRA
AI-Cycle Risk Monitor · as of 2026-10-10
Conditions monitor · not a forecast

Cassandra

Is the AI build-out overheating? A transparent, real-data read of the AI / semiconductor cycle across value, fundamentals, supply chain and the macro / Fed backdrop — a composite, not a single trend line. High = stretched and fragile.

CALMHIGH
47.8
elevated
6 of 6 panels live · weights valuation 22% · fundamentals 18% · supplychain 14% · macro 22% · crowding 12% · adoption 12%
CAPE 41.87 — 99.1th percentile (richer only at the 2000 peak)Market breadth at an extreme — equal-weight at the 0.4th percentile (narrowest in years)NVDA = 44.4% of the semis complex — single-name dominanceSemis fundamentals strong — PEG 0.62, margins +10.7pp (cushions valuation)Chinese models = 68% of OpenRouter token volume · 46.5% of calls
01 / VALUATION · BROAD MARKET
CAPE & risk premium
94.3/100
Cyclically-adjusted earnings — immune to single-year EPS, ranked vs 155 years. A negative risk premium means equities yield less than Treasuries.
Shiller CAPE41.87 · 99.1ᵖᶜᵗ
Equity risk premiumnullpp vs 10y null%
02 / FUNDAMENTALS · SEMICONDUCTORS
Earnings quality
6/100
The counterweight: do profits justify the price? PEG<1 = growth more than pays for the multiple; expanding margins cushion rich valuations. Low score = healthy.
Median PEG0.62
Operating margin Δ+10.7pp
Earnings growth160% YoY · ROE 44%
namefwd P/EPEGΔmgn
NVDA14.40.28+5.4
AMD38.70.62+19
AVGO18.60.36+16.2
TSM20.70.87+10.7
ASML30.61.1+2.4
SMCI7.90.91+9.4
MU50.16+57
03 / SUPPLY CHAIN · BUILD-OUT
Capex & GPU rents
11.9/100
MSFT · GOOGL · AMZN · META capex (the AI build-out) and H100 rental prices. A parabolic ramp builds capacity ahead of demand; depressed rents signal oversupply.
Hyperscaler capex$116B · -67.6% YoY
H100 rent$2.53/gpu-hr · +27%/90d
04 / MACRO & FED
Liquidity & risk appetite
54.4/100
Is the cycle being fuelled or squeezed? Low VIX & tight spreads = complacency; an inverted curve and tightening conditions are what end build-outs. FRED + CBOE, decades deep.
VIX14.84 · 29.6ᵖᶜᵗ
HY credit spread3.15% · 61.6ᵖᶜᵗ
Yield curve 10y−2y—
Financial conditions—
05 / CROWDING & POSITIONING
Breadth & concentration
99.1/100
How narrow is the trade? A low equal-weight / cap-weight ratio means a handful of mega-caps hold up the index — thin breadth, the "who's left to buy" fragility. Orthogonal to VIX.
Equal-wt / cap-wt0.2736 · 0.4ᵖᶜᵗ
Semis vs market0.7185 · 98.4ᵖᶜᵗ
NVDA share of complex44.4%
06 / AI DEMAND · CHINA vs US
OpenRouter call share
3.7/100
Real inference traffic through OpenRouter — Chinese-origin models (DeepSeek, Qwen, GLM, Kimi…) vs US/West (GPT, Claude, Gemini…). China 68% of token volume · 46.5% of calls · 2026-10-09.
China 68% tokensUS/West 32%
deepseek/deepseek-v4.1-flash-25648.6B
stepfun/step-5-preview-20261002587.4B
z-ai/glm-5.3-flash-202608262008.3B
xiaomi/mimo-v2.6-flash-20260921761.3B
tencent/hy4-preview-202608271269.8B
TRACK RECORD · TODAY vs HISTORY
Where today sits
Today vs decades of market history
CAPE (Shiller, 1871→)41.87 · 99.1ᵖᶜᵗ
VIX14.84 · 29.6ᵖᶜᵗ
HY credit spread3.15% · 61.6ᵖᶜᵗ
Equal-wt / cap-wt (23y)0.2736 · 0.4ᵖᶜᵗ
Semis vs market0.7185 · 98.4ᵖᶜᵗ
Cassandra’s own daily record
034671002026-06-232026-10-10

Tracked since 2026-06-23 · 110 days · today 47.8 (elevated) · range 44.7–79.2 · mid-range

categorytodaytrajectoryΔ since start
Valuation94.3+3.5
Fundamentals6-9.0
Supply chain11.9-59.7
Macro & Fed54.4+2.7
Crowding99.1+0.1
AI demand3.7+3.7

What this is — and what it isn't

Cassandra is a transparent conditions monitor, not a crash predictor. It blends six real-data categories — valuation (Shiller CAPE & the Fed-model risk premium), fundamentals (semis margins, growth, PEG), supply chain (hyperscaler capex & GPU rents), macro / Fed (VIX, credit spreads, the yield curve, financial conditions), crowding (equal- vs cap-weight breadth, semis concentration) and AI demand — into one gauge. Each sub-score is ranked against real history or scored by a transparent, documented rule; weights are a judgement (valuation 22% · fundamentals 18% · supplychain 14% · macro 22% · crowding 12% · adoption 12%), not fitted. A category without enough data is shown as "building history" and excluded — never given a fabricated score.

AI-demand caveat: the China-vs-US panel is the OpenRouter daily call/token share — real inference traffic, by model origin (Chinese labs vs US/West), through one major router. It is a true usage cross-section but not all inference: it excludes first-party API traffic (direct OpenAI, Anthropic, Google) and self-hosted deployments. CAPE is a broad-market GAAP measure; the semis fundamentals are current snapshots with a multi-quarter margin trend.