1. Mag7 depletes cash reserves to fund capex and begins reducing share buybacks and tapping debt markets 2. Private credit, one of the largest financiers of said capex, is facing historic drawdowns across their portfolios and will tighten belts, thus reducing supply of debt capital to fund capex *** we are here and moving to 3 *** 3. Long end yields start to move higher and creditors begin demanding higher cost of capital on top of already widening spreads for AI capex spenders. This will be the icing on the cake for the Mag7 / AI capex trade.