Post Everyone's cheering because $INTC, $CSCO, and $QCOM are back to dot-com-era highs. But here's what the cheerleaders are missing: these companies can't unwind the supply chain decoupling that's already happened. $QCOM reported $204.5B in annual revenue with China exposure around 60% historically — that market is *gone* for good, replaced by a bifurcated ecosystem. $INTC's margin story collapses if fab costs stay elevated and geographic redundancy keeps rising.

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