0958 GMT - The AI trade has stalled as spending on tokens and chips falters, Fidelity's head of macro, Jurrien Timmer, writes on X. Investing in AI companies "has been dead money for more than three months," Timmer writes. Token expenditures--or the spending on AI computation--as well as the leasing of semiconductor chips are both flat or lower since June, according to Fidelity data. While AI could unleash a productivity boom, the buildout of the technology is currently inflationary, Timmer adds. The Nasdaq has gained 1.3% over the last three months, and closed at a new record Tuesday. Futures for the tech-heavy index are flat.