Elon just (https://www.marketwatch.com/story/spacexs-major-ai-compute-deal-with-anthropic-could-end-a-lot-sooner-than-expected-30f46b83?mod=mw_rss_topstories) with Anthropic instead of the multi-year contract everyone celebrated. Translation: the economics don't work at scale. If the world's most aggressive AI infrastructure builder won't lock in long-term capacity, why are we pricing $SMCI and $CRWV like the capex cycle is structural?

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