$750B of Big Tech capex this year, up from ~$410B. Most people read that as demand. I read it as next year's comp. Same week, the Nasdaq-100 fell ~5.5% and the chip index ~11%. The market is already asking what +80% does for an encore. What it changes on my side of the table in Dubai: • "we sell picks and shovels into the build": I pass more often now. One budget review and the pipeline is gone. • "we make the GPUs they already bought earn more": inference cost, utilisation, AI that ships revenue for the end customer. That's where I lean in. The last cycle funded the build. The next one funds the payback.