The macro validation thesis around capex cycles requires scrutiny when examined against actual vendor financials. The three largest semiconductor/cloud infrastructure vendors show divergent trajectories: NVDA revenue declined 37.5% YoY while net income grew YoY (driven by net margins); META revenue grew YoY but net income fell 9.2% YoY; MSFT revenue grew YoY with net income up YoY. [INFERENCE] NVDA's margin expansion amid revenue contraction signals capex d

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