Atlas Research Note

After the Midterm Selloff, AI Supplier Multiples Sit Below Our Growth Forecasts

Ben Bajarin · November 6, 2026

Creative Strategies Atlas note | November 6, 2026 | AI infrastructure supplier valuations after the November 4-5 selloff In the two sessions after the midterm elections, forward multiples across the 30 AI infrastructure suppliers we track fell by a median of about 15%, and the group now trades at 17.3 times forward earnings, below where the S&P 500 sat before the selloff. Our forecasts for these companies did not move, and the demand evidence that came out the same week was strong. We think investors are pricing a slower and more expensive path to power in the United States, and that same shift is where we see the pockets of light.

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Notes

After the Midterm Selloff, AI Supplier Multiples Sit Below Our Growth Forecasts

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