Tuesday’s Thesis Meets Wednesday’s Reality: Meta Signals AI Capex Inflection

Given the gist of Tuesday’s Wrap: “While it’s hard to argue the point when hyperscalers were sinking in June and Semis were flying, a little nagging voice in my head kept asking: Are the hyperscalers acting as a leading signal for the Semis? If the answer is yes, the current divergence may be early evidence that…