Probably the data center rollout taking a larger share of energy demand
We have overbuilt on the AI front, and now capacity is driven to 30-40%
This is like the 1999 internet infrastructure rollout, which wasn't met with the traffic volume everyone was expecting
So I guess we're right to see $NVDA $AMD $ORCL begin to unwind along with the bigger manufacturers like $TSM at the top of the value chain ☕️