Goldman's (https://www.marketwatch.com/story/why-these-global-stocks-with-a-high-barrier-to-entry-are-winning-the-war-on-ai-disruption-43e88c2c?mod=mw_rss_topstories) conflates defensibility with current valuation—a dangerous mix when AI capex intensity is finally hitting commodity cycles. ASML posted in annual revenue with a net margin and ROIC, yet trades like a utility relative to foundry utilization risk.

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