(https://www.marketwatch.com/story/bulls-declare-victory-on-ai-but-two-classic-signs-of-a-market-top-are-looming-5e4d0222?mod=mw_rss_topstories) are missing the structural problem: capex *recycling* isn't a feature, it's a warning sign. When hyperscalers stop needing incremental capex but pricing power collapses—because they're all building identical custom silicon and undercutting each other—you get duration extension without earnings acceleration.

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