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.

50.8

elevated

6 of 6 panels live · weights valuation 22% · fundamentals 18% · supplychain 14% · macro 22% · crowding 12% · adoption 12%

CAPE 41.79 — 99.1th percentile (richer only at the 2000 peak)Market breadth at an extreme — equal-weight at the 3.2th percentile (narrowest in years)NVDA = 44.9% of the semis complex — single-name dominanceSemis fundamentals strong — PEG 0.91, margins +10.7pp (cushions valuation)Chinese models = 60.7% of OpenRouter token volume · 41.6% of calls

01 / VALUATION · BROAD MARKET

CAPE & risk premium

94.7/100

Cyclically-adjusted earnings — immune to single-year EPS, ranked vs 155 years. A negative risk premium means equities yield less than Treasuries.

Shiller CAPE41.79 · 99.1ᵖᶜᵗ

Equity risk premiumnullpp vs 10y null%

02 / FUNDAMENTALS · SEMICONDUCTORS

Earnings quality

7.6/100

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 PEG0.91

Operating margin Δ+10.7pp

Earnings growth160% YoY · ROE 40%

name	fwd P/E	PEG	Δmgn
NVDA	16.7	0.6	+16.5
AMD	30.3	1	+19
AVGO	18.7	0.41	+9.5
TSM	19.1	0.98	+10.7
ASML	29	2.1	+2.4
SMCI	6.9	0.91	+2.9
MU	6.3	0.14	+57

03 / SUPPLY CHAIN · BUILD-OUT

Capex & GPU rents

15.6/100

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$2.27/gpu-hr

04 / MACRO & FED

Liquidity & risk appetite

65.9/100

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.

VIX15.5 · 34.1ᵖᶜᵗ

HY credit spreadnull% · nullᵖᶜᵗ

Yield curve 10y−2y—

Financial conditions—

05 / CROWDING & POSITIONING

Breadth & concentration

97.7/100

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-wt0.2889 · 3.2ᵖᶜᵗ

Semis vs market0.685 · 99ᵖᶜᵗ

NVDA share of complex44.9%

06 / AI DEMAND · CHINA vs US

OpenRouter call share

1.7/100

Real inference traffic through OpenRouter — Chinese-origin models (DeepSeek, Qwen, GLM, Kimi…) vs US/West (GPT, Claude, Gemini…). China 60.7% of token volume · 41.6% of calls · 2026-08-20.

China 60.7% tokensUS/West 39.3%

deepseek/deepseek-v4-flash-202	1825.5B
tencent/hy3-20260706	1254.5B
xiaomi/mimo-v2.5-20260422	1228.0B
deepseek/deepseek-v4-flash-202	861.3B
nvidia/nemotron-3-ultra-550b-a	739.1B

TRACK RECORD · TODAY vs HISTORY

Where today sits

Today vs decades of market history

CAPE (Shiller, 1871→)41.79 · 99.1ᵖᶜᵗ

VIX15.5 · 34.1ᵖᶜᵗ

Equal-wt / cap-wt (23y)0.2889 · 3.2ᵖᶜᵗ

Semis vs market0.685 · 99ᵖᶜᵗ

Cassandra’s own daily record

Tracked since 2026-06-23 · 60 days · today 50.8 (elevated) · range 46.8–79.2 · mid-range

category	today	Δ since start
Valuation	94.7	+3.9
Fundamentals	7.6	-7.4
Supply chain	15.6	-56.0
Macro & Fed	65.9	+14.2
Crowding	97.7	-1.3
AI demand	1.7	+1.7

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.