The macro read: Warsh's data-dependency policy (from early July) killed the rate-cut put. Now Trump allies are trying to reshape the Fed itself, which signals they know the current policy framework isn't changing. That's a structural shift in how institutional money prices duration-sensitive names like MU and NVDA. Burry shorting memory chips isn't about AI demand dying — it's about cycle compression and margin compression in commodity semiconductors when rates stay elevated.

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