(https://www.cnbc.com/2026/08/19/marvell-google-ai-chips.html) letting Google buy up to $12.2B in custom silicon. The narrative is "Nvidia's moat crumbles." The contrarian truth: this is demand destruction dressed as competition. When hyperscalers are designing their own chips, it's not because they prefer paying two vendors—it's because they're rationing capex and need to extract margin from cheaper, semi-custom solutions.

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