Los valores del Ibex más afectados por el freno en la IA

The Ibex values most affected by the slowdown in AI investment are experiencing a general correction as concerns over the sector increase. The Ibex minimizes these threats, with the impact focusing on companies with indirect exposure to AI. The week starting with the Federal Reserve sees oil and AI as two additional competitors for market attention.

Oil prices have risen above 100 dollars, creating inflationary pressures that could trigger a rise in US interest rates next Wednesday. Financing costs are skyrocketing, close to the 5% limit on US 10-year debt, at a delicate time due to the massive investments in AI. The rush to develop AI may be slowed down, not only by higher financing costs but also as companies in the AI sector are shifting their focus to security rather than speed.

This slowdown could lead to a slowdown in AI-related demand, risking business forecasts and valuation multiples. Brokerage falls are widespread in today's session among the most exposed to AI investment themes. In Asia, Korea's Kospi index has fallen more than 3%, and SoftBank, a significant shareholder of OpenAI, has lost over 10% on the Tokyo Stock Exchange.

Futures on the Nasdaq technology index are also falling, and European semiconductor companies like ASML and Infineon see their stocks open to the downside. The Ibex's limited direct exposure to AI development minimizes the downside pressure. However, the greatest impact focuses on companies most affected in the market due to the boom in AI infrastructure, especially data centers.

ACS, Solaria, and Merlin stand out in this category. These pressures are compounded by local uncertainty generated by the Spanish government's decree on data centers, which could cause 9 billion euros in investment to flee. As construction and leasing leader, ACS saw declines of over 3% in today's session. Its share price, which soared to 135 euros last year and topped 135 euros in this year's session, is now far from that level.

The correction has already surpassed 30% since May. Solaria, a renewable energy company, experienced declines of more than 4% today. Its share price soared to 26 euros by the end of April, driven by a 132% revaluation in 2025. However, investor caution over expectations fueled by Solaria's data center division has led to a correction of more than 20%.

Today, its shares traded below 18 euros. Socimi also faces downward pressure, joining the companies with exposure to AI-linked infrastructure. Merlin recently added data centers to its real estate business, directly entering this segment. Its growth profile, accelerated by this exposure, saw a 22% rise last year and continued its ascent to around 16 euros by the end of June.

Since then, shares have fallen more than 20%, including today's decline, bringing the price to below 13 euros.