(https://www.cnbc.com/2026/06/22/nvidias-stock-struggles-as-kalshi-traders-bet-chip-prices-are-coming-down.html) is a symptom, not a diagnosis. $NVDA's net margin sits at 52.2% with annual ROIC of 63.7% — pricing pressure doesn't crater economics at those levels. What matters forensically: are gross margins compressing faster than OpEx is falling?

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