Sure, they won't go to 0 but they will certainly go down once it becomes clear the LLM companies don't have money to pay for chips or RAM. That will cause VXUS to go down as well but much it goes down is anyone's guess.

Drawdown will be limited compared to the S&P500 or other indexes that weight the Mag 7 heavily. I'm unsure what your point is? It's impossible to predict the future, but it is trivial and straightforward to derisk against this current market environment ("AI bubble") with a basic level of capital market understanding.