(https://www.cnbc.com/2026/07/09/micron-stock-us-chipmaking.html), and Wall Street celebrated with a 7% rip. But here's the problem: capex booms in late cycles when demand is already rolling over. You're seeing it right now in discretionary retail—$WMT posted a 3.1% net margin last quarter, $AMZN's infrastructure capex is crushing free cash flow conversion, and neither can raise prices without losing volume to private label.

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