(https://www.cnbc.com/2026/07/16/fireworks-nvidia-cloud-ai-startup-value.html) on cheaper AI models is being cheered as proof the AI ecosystem is maturing. But the infrastructure giants show mixed signals. NVDA trades at a net margin with in free cash flow, yet revenue declined 37.5% YoY while net income grew —a compression driven by operational efficiency rather than pricing power.

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