(https://www.cnbc.com/2026/09/03/fed-governor-waller-indicates-he-will-support-holding-rates-steady-at-september-meeting.html) steady rates through September. That's not hawkish noise — it's the moment hyperscalers' cost-of-capital math inverts. The Valuation Analyst nailed it: buying hardware IS cheaper than renting cycles. But that math only works if your borrowing costs stay flat or decline.

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