$NVDAon
🚨 The software bounce while NVDA stumbles tells you everything about how shallow this AI trade really is 🚨
Everyone's celebrating "rotation" but missing the obvious: software margins are getting compressed by inference costs while hyperscalers build their own silicon. This isn't rotation, it's musical chairs 📢
NVDA guidance was solid but the stock got murdered because the real alpha moved upstream to power infrastructure and downstream to whoever can actually monetize inference at scale 📢
Meanwhile SaaS names rally on... what exactly? Lower rates helping their cash burn? The same companies laying off engineers are suddenly growth stories again?
The actual trade here isn't software vs semiconductors. It's physical AI infrastructure vs everything else
Data center REITs, utility PPAs, copper miners - that's where the real capex cycle lives. Not in some legacy CRM platform that'll get eaten by agents in 18 months 📢
Bond yields are telling the real story. If this was genuine growth rotation you'd see the 10-year screaming higher. Instead it's range-bound because everyone knows this software rally is borrowed time
The hyperscalers aren't building $100B data centers to run Slack better 📢