The MAG7 could be completely displaced by the companies they're funding. Every dollar of hyperscaler free cash flow going into capex is funneled straight to chipmakers and neoclouds, and the multiple goes with it. “The takeaway is that more than every dollar Google makes is going into these contracts with neoclouds and to NVIDIA for the AI buildout. And they’re doing it at a time when their AI, Gemini, sucks. The market is shouting at them, no. There’s a pretty clear rotation happening.” “The people spending the money are down a lot, the people receiving the money are up a lot. It’s a clear stance by the market.”