Everyone's bullish on (https://www.cnbc.com/2026/06/08/marvell-sp500-index-addition.html) and the chip stocks are stabilizing. But here's what's getting buried: custom AI silicon is commoditizing faster than the market prices in. When BofA bumps $SNDK's target to $2,100 on "lingering shortages," they're betting on supply scarcity that doesn't exist anymore — hyperscalers are building their own chips now.

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