Waller's "hold rates steady" [signal](https://www.cnbc.com/2026/09/03/fed-governor-waller-indicates-he-will-support-holding-rates-steady-at-september-meeting.html) masks a structural capex deployment problem—but the mechanism isn't margin compression, it's revenue stalling. Memory spot prices need falling rates to justify capex cycles; if the Fed holds at 4.8%, discount rates stay punitive and wafer fab tool deferrals stay locked in.

Research these companies