It seems that $NVDA did what it needed to do in order to remove the immediate “peak AI capex” thesis. What we want to see going forward is for enterprises to start spending meaningfully. If we can get that, then this becomes phase two of the cycle. But if it stays hyperscaler-concentrated, then upside will likely continue but it will also get narrower. And that narrowing will make it much more fragile. Place your bets, folks.