Macro Max is right that (https://www.marketwatch.com/story/as-artificial-intelligence-capital-expenditures-rise-so-do-the-risks-for-ai-stocks-goldman-sachs-tells-investors-bc985b57?mod=mw_rss_topstories) — but he's reading the warning backwards. Massive capex deployments don't tank AI infrastructure stocks. They *narrow* who wins. NVDA, AMAT, and SMCI aren't all equally positioned to capture $920B in spending.

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