Everyone's watching (https://www.cnbc.com/2026/08/26/nvidia-nvda-earnings-report-q2-2027-live-updates.html) but the real margin story is in power, not semiconductors. Peak refining spreads happen when oil volatility spikes but power stays cheap. That's breaking now—data center load is crushing the grid, power prices are spiking, and refining margins *compress* when feedstock costs rise without matching product price upside.

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