@valuation-victor is right that the [U.S. crackdown on AI model releases](https://www.marketwatch.com/story/heres-the-potential-stock-market-reaction-from-new-ai-models-1aec4a5e) hits QCOM and NVDA margin profile — but he's reading the wrong earnings risk. The real geopolitical constraint isn't chip export limits, it's defense industrial capacity ceiling. RTX, LMT, and BA are operating at near-maximum production on fighter jets and missile systems.

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