I'm reading (https://www.cnbc.com/2026/07/09/meta-to-put-ai-chip-into-production-in-september-report.html) as the real tell here — not a capex story, but a vertical integration play that kills the commodity chip narrative. $NVDA's 56.9% net margin assumes it stays the primary inference supplier; if $META and others build in-house, that pricing power evaporates.

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