Market Update
How to Read a Change in Character on AI Infrastructure Charts
The short answer
On October 23, 2026, Corey Hinkle reviewed charts across AI infrastructure companies to explain what he calls a change in character: lower lows, a flattening 200-day moving average, and breaks below it. He says results are now splitting across the group. These are opinions in a financial education presentation, not forecasts or advice.
Full video transcript
Key Takeaways
• Corey describes a market in which the broad index was relatively calm while volatility increased among companies tied to AI infrastructure.
• He uses the phrase change in character for a chart pattern: lower lows day by day, a 200-day moving average that stops sloping upward, and a break below it.
• In his view, a large drawdown on its own is not the signal. What matters to him is whether the shape of the chart has changed.
• He says that, unlike the tariff-driven selloff of 2025, when stocks tended to fall together, the group is now splitting into stocks that hold up and stocks that do not.
• He cautions that the typical buyer may have smaller gains than assumed, and that investors who bought late can be well below their purchase price.
• These are Corey's opinions for education. They are not forecasts, and nothing here is a recommendation about any security.
What Did Today's Update Cover?
Corey opens by saying he will move quickly through roughly 15 charts of companies connected to AI infrastructure, showing which ones he considers to have deteriorated, which are still holding up, and a few he is watching closely. He gives the standard reminder that the presentation is for financial education, that viewers should do their own due diligence, and that the opinions are his alone. He covers the introduction at (0:07), (0:28), and (0:49).
He then offers a brief market check. In his description, the broad stock index was a modest distance from its all-time high, so nothing unusual was happening at the index level, even as volatility picked up within the AI group. He also mentions that longer-term Treasury yields were lower than they had been and that energy prices remained a theme he has discussed in earlier updates. Those are his observations as of the recording, not predictions. He covers this at (0:49), (1:08), and (1:30).
What Does a Change in Character Look Like on a Chart?
Corey starts with what he calls a healthy chart: a steady uptrend with higher highs and higher lows, trading comfortably above a 200-day moving average that is still sloping upward. He contrasts that with charts where the pattern has changed. He covers this at (1:30), (1:50), and (1:53).
For the weaker charts, he points to the same features again and again: a 200-day moving average that is decelerating, lower lows from one day to the next, and a price that has broken below that average. He stresses that the size of a decline is not the point. In his words, if a stock has risen far enough, a large pullback can still leave the longer trend intact. What he is watching for is a change in the shape of the trend itself. He covers this at (2:44), (3:08), (3:27), (3:45), and (3:56).
Corey also connects part of the weakness to a theory that funding for AI-related projects may be harder to find, which could feed into expectations for companies that supply the buildout. That is his interpretation, and the actual impact on any company is uncertain. He covers this at (3:08).
Why Does Corey Expect Results to Differ Across the Group?
Corey says that for a long stretch, nearly every company in the AI infrastructure group was working at the same time. His view is that this is changing, and that going forward some will keep advancing while others will not. He adds that stocks with broken charts can bounce or recover, but that he does not expect all of them to do so. This is his opinion about market behavior, not a forecast for any company. He covers this at (3:56), (4:17), and (4:36).
He also raises a point about investor experience. Even an investor who bought months ago may not have the gains that people assume, and someone who bought near the peak of a fast move could still be well below their purchase price. His message is that violent rallies can be just as hard on investors who did not understand what they owned and how volatile it could be. He covers this at (4:56), (4:59), and (5:20).
How Is This Different From the 2025 Tariff Selloff?
Corey asks whether the current volatility resembles the tariff-driven selloff of 2025. His answer is no. In that episode, he says, correlations rose toward one, meaning nearly all stocks fell together. In the current environment, he describes winners and losers being separated much more sharply, with some charts breaking while others remain intact. He covers this at (7:28) and (7:49).
That distinction matters for planning. When everything moves together, a diversified portfolio may still decline broadly. When the group splits apart, results can depend heavily on which holdings an investor owns and how concentrated the position is. Diversification may help manage that risk, though it cannot eliminate the possibility of loss.
How Does Corey Use a Watch List of Charts?
Throughout the video, Corey moves through a list of charts one at a time, noting when he previously highlighted a company, whether the pattern has worsened since, and whether a chart has newly broken. For several, he says the pattern has continued to weaken day by day. For others, he says the chart is still above its 200-day moving average, with higher lows, though he considers some of those in question. This recap does not name the individual companies, and none of the discussion is a recommendation to buy, sell, or hold. He covers this at (5:41), (5:48), (6:08), (6:27), (6:39), and (7:00).
Corey notes that an upcoming earnings report can change a chart quickly, and that he is keeping a close eye on a few charts that have not broken yet. He says some other AI-related stocks are holding up well and that he did not highlight all of them. He covers this at (8:09), (8:23), (8:47), and (9:06).
He closes by saying the AI trade has changed in character over the past couple of weeks, that the run was historic, and that he hopes no one was hurt by holding on too long. He also repeats that the broad index looks acceptable while volatility is creeping into technology. These are his views as of the recording. He covers this at (9:15) and (9:34).
CHAPTER 14: SYNTHESIS
The common thread is that a rally can look uniform while it is working and then separate quickly once it stops. Corey's chart review is a way of asking whether the pattern behind a holding has changed, not only whether its price has changed. Trend lines, moving averages, and lower lows are tools for describing what has already happened. They do not predict what comes next, and any of the charts he discussed could behave differently from here.
A durable plan does not depend on any single theme, chart, or earnings report. Concentration in a group of related holdings may increase risk, and a position sized when it was rising quickly may become too large for a plan once the group stops moving together. Diversification, rebalancing rules, and a written plan may help manage those risks, though none of them can eliminate the possibility of loss.
Educational Disclaimer
This market update is a financial education presentation. It is not personalized investment advice, and it does not recommend any security, company, or strategy. Do your own due diligence before acting on anything you read or hear here. The opinions expressed are Corey's alone, and investing involves risk, including the possible loss of principal. More disclaimer information is available on the Disclosures page.
Put Market Context in Service of Your Plan
Chart-based commentary is most useful when it prompts better planning questions, such as how much of a portfolio depends on a single theme, how concentrated positions are handled for taxes, and how a long time horizon fits current risk.
Explore the firm's investment planning approach, or contact Ankerstar Wealth to discuss how these themes relate to your own planning questions. Any decision should reflect individual circumstances and a full review of risks, taxes, and trade-offs.
This article is general information, not personalized investment, tax, or legal advice. Your situation is specific to you — talk to a qualified professional before acting on anything here.
Frequently asked questions
What does Corey mean by a change in character?
Corey uses the phrase for a chart whose shape has changed: lower lows day by day, a 200-day moving average that is no longer sloping upward, and a price that has broken below it. He says the size of a decline matters less than whether the pattern itself has changed. It is a way of describing past price action, not a prediction.
Why did Corey compare this period with the 2025 tariff selloff?
Corey said that in the 2025 tariff selloff nearly all stocks fell together, while in the current period winners and losers are being separated more sharply. He used the comparison to explain why he does not view the two episodes as the same. It is his opinion as of the recording.
Does the video say every AI infrastructure stock will decline?
No. Corey said that some charts may keep advancing while others may not, and that stocks with weak charts can bounce or recover. He expects results to differ across the group. That is his opinion, not a forecast for any company.
Does this update recommend buying or selling any company?
No. The update is educational commentary and reflects Corey's opinions as of the recording. Whether any investment is appropriate depends on an individual's goals, finances, time horizon, tax situation, and tolerance for loss.
