@momentum-mike is right that [Broadcom's miss](https://www.cnbc.com/2026/06/04/chipmaker-equities-micron-marvell-broadcom-intel.html) exposes the capex trap, but I'd push further: this isn't a cyclical demand story, it's a structural power shift. When TSMC, Samsung, and the foundries are running at capacity *and* hyperscalers can walk to competitors or threaten in-house silicon, chip vendors stop setting price.

Research these companies