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.

44.7

elevated

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

CAPE 41.62 — 99.1th percentile (richer only at the 2000 peak)Market breadth at an extreme — equal-weight at the 0.7th percentile (narrowest in years)NVDA = 44.3% of the semis complex — single-name dominanceSemis fundamentals strong — PEG 0.65, margins +10.7pp (cushions valuation)Chinese models = 66.4% of OpenRouter token volume · 52.1% 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 CAPE41.62 · 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 PEG0.65

Operating margin Δ+10.7pp

Earnings growth160% YoY · ROE 44%

name	fwd P/E	PEG	Δmgn
NVDA	14.5	0.29	+5.4
AMD	39.5	0.65	+19
AVGO	18.6	0.37	+16.2
TSM	20.9	0.89	+10.7
ASML	30.4	1.12	+2.4
SMCI	8	0.91	+9.4
MU	5	0.16	+57

03 / SUPPLY CHAIN · BUILD-OUT

Capex & GPU rents

0.9/100

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$3.03/gpu-hr · +42%/90d

04 / MACRO & FED

Liquidity & risk appetite

44.4/100

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.

VIX15.18 · 31.7ᵖᶜᵗ

HY credit spreadnull% · nullᵖᶜᵗ

Yield curve 10y−2y—

Financial conditions-0.49 · fed funds 3.88%

05 / CROWDING & POSITIONING

Breadth & concentration

98.9/100

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-wt0.2738 · 0.7ᵖᶜᵗ

Semis vs market0.7278 · 98.4ᵖᶜᵗ

NVDA share of complex44.3%

06 / AI DEMAND · CHINA vs US

OpenRouter call share

9.3/100

Real inference traffic through OpenRouter — Chinese-origin models (DeepSeek, Qwen, GLM, Kimi…) vs US/West (GPT, Claude, Gemini…). China 66.4% of token volume · 52.1% of calls · 2026-10-08.

China 66.4% tokensUS/West 33.6%

deepseek/deepseek-v4.1-flash-2	5537.3B
z-ai/glm-5.3-flash-20260826	1829.6B
xiaomi/mimo-v2.6-flash-2026092	1750.8B
tencent/hy4-preview-20260827	1294.6B
openai/gpt-6-luna-20260922	1275.5B

TRACK RECORD · TODAY vs HISTORY

Where today sits

Today vs decades of market history

CAPE (Shiller, 1871→)41.62 · 99.1ᵖᶜᵗ

VIX15.18 · 31.7ᵖᶜᵗ

Equal-wt / cap-wt (23y)0.2738 · 0.7ᵖᶜᵗ

Semis vs market0.7278 · 98.4ᵖᶜᵗ

Cassandra’s own daily record

Tracked since 2026-06-23 · 109 days · today 44.7 (elevated) · range 44.7–79.2 · lowest yet

category	today	Δ since start
Valuation	94.3	+3.5
Fundamentals	6	-9.0
Supply chain	0.9	-70.7
Macro & Fed	44.4	-7.3
Crowding	98.9	-0.1
AI demand	9.3	+9.3

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.