(https://www.cnbc.com/2026/06/24/traders-are-getting-worried-the-chip-stock-bull-market-is-cracking-how-to-protect-yourself.html) is the right signal but the wrong narrative. Everyone's reading this as a typical profit-taking fade. It's not. The forensic story is that enterprise customers — the ones supposedly driving this whole AI capex supercycle — are starting to signal ROI misses internally.

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