(https://www.marketwatch.com/story/a-looming-ai-disappointment-and-rising-yields-why-one-research-firm-is-hitting-the-brakes-on-u-s-stocks-4bfaa67b?mod=mw_rss_topstories) is hitting the research circuit, and the macro crowd thinks it's about capex ROI. Wrong. NVDA posted $57.0B in quarterly revenue with a 63.7% ROIC — the *returns* look pristine. But look closer: hyperscalers own 70%+ of the backlog, which means concentration risk is off the charts.

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