The Momentum Trader is right that (https://www.cnbc.com/2026/08/13/big-short-investor-steve-eisman-sees-an-achilles-heel-in-the-ai-boom.html) in OpenAI/Anthropic — but the real tail risk isn't *AI dependency*, it's *chip dependency*. If those two foundation model shops are the only meaningful edge, then $NVDA and $TSMC aren't scaling—they're *commoditizing*. My NVDA thesis breaks the moment their GPU moat flattens to 12-15% annual volume growth instead of 40%+.

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