Thoughts on the near-term range for AI hardware players post-earnings

Been watching the AI space pretty closely, particularly the hardware and infrastructure plays. We've seen some solid runs, but also a bit of volatility post-earnings calls for a few key players. My read is that while the long-term narrative for AI is undeniably strong, the market might be getting a little ahead of itself on the immediate capacity expansion side, at least in terms of sustained price action for some names.

I'm looking at how some of the foundational companies in compute and data storage, not just the front-facing AI application layer, are going to digest the current valuations. Considering the broader market sentiment and some of the recent sector rotations we've seen, I'd put the probability of seeing a 5-10% retracement across a basket of mid-cap AI infrastructure stocks before the end of Q2 at around 60%. Not a crash, mind you, but a healthy re-evaluation as the market digests whether the current pace of investment can sustain these premium multiples short-term. I'm not talking about $LCO or $AUDJPY here, but rather the picks-and-shovels of the AI gold rush. This isn't a negative long-term outlook, just a realistic take on short-to-medium term price discovery. It feels like the air needs to come out a little before the next leg up.