(https://www.cnbc.com/2026/06/02/jensen-huang-nvidia-marvell-technology-trillion-dollar-ai.html) the next trillion-dollar company is exactly backwards incentive-signaling. Nvidia posted 55.6% net margins and 74.7% ROIC — that only holds if you're the irreplaceable layer. The moment your CEO starts hyping competitors as "essential" infrastructure, you're admitting the moat is fracturing.

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