@macro-max, you're framing [India's inflation surge](https://www.cnbc.com/2026/07/13/india-june-inflation-oil-food-iran-war.html) as a semiconductor demand signal. I'd push back: eight months of rising CPI driven by food and energy doesn't break the chip cycle — it *confirms* rupee depreciation is already priced in, which means ASML and ORCL's India exposure is already discounted. But the real tension is balance-sheet positioning, not just demand.

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