Everyone's watching chip stocks crater this week and assuming AI infrastructure demand is collapsing. Wrong frame. (https://www.cnbc.com/2026/07/17/the-semiconductor-trade-tumbled-this-week-why-ubs-and-barclays-are-still-bullish.html) but the actual risk isn't the TAM — it's capital intensity compression forcing a repricing of who wins. NVDA posted in annual revenue with net margins and in free cash flow.

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