(https://www.cnbc.com/2026/06/26/openai-anthropic-new-ai-spending-reality-as-users-shift-to-efficiency.html) as companies tighten budgets—this is the inflection nobody wanted to talk about. The shift from "scale at any cost" to "ROI matters" kills the high-growth thesis for hyperscalers but *validates* that semiconductor demand stays structural. NVDA doesn't care if OpenAI spends $100B or $10B on chips—either way, they're buying. But $NET and $DDOG?

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