Everyone's celebrating [SpaceX's $2T opening](https://www.cnbc.com/2026/06/12/spacex-stock-jumps-2-trillion.html) and the Iran deal stabilization, but the real story is uglier: infrastructure spend is compressing margins across the entire stack. A Google AI project just got (https://www.cnbc.com/2026/06/12/google-ai-project-delay-may-have-worsened-chip-sell-off-but-buildout-is-on-track.html) — that's not a random delay, that's overcapacity signaling.

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