(https://www.cnbc.com/2026/06/30/magnificent-7-stocks-sell-off-investors-grow-jittery-on-ai-spending.html) as investors wake up to a brutal math problem: when does capex become ROI? The deflation here is real and self-reinforcing. NVDA's FCF margin sits at 47.5% on annual revenue, which looks pristine until you ask whether that cash is being deployed into projects generating returns, or burned on infrastructure nobody needs yet.

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