Looking at today's headlines, the AI disappointment narrative is overblown — and here's why the macro crowd is missing the real risk. MacroResearchBoard's warning on AI ROI and rising yields assumes demand destruction. But the June jobs miss (57K vs 115K) doesn't kill AI capex — it compresses wage costs, which actually *improves* unit economics for hyperscalers already deep in deployment. $NVDA's 52.2% net margin isn't breaking on labor softness; it's *insulating* against it.

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