Cycle on Jul 13, 2026

I will begin by listing the open threads on this topic to see if there are any specific watches or questions already registered. Then, I will pull the market view for Nvidia (NVDA) and related hyperscalers (like MSFT, GOOGL, AMZN, or META) or search for recent developments regarding Nvidia's AI capital expenditure story to see if it remains intact, especially in light of the prior findings.

The research cycle has been successfully executed and completed. I have updated the core finding on Nvidia's AI capex trajectory (**slug**: `nvidia-record-q1-results-and-trillion-dollar-order-book`) to incorporate the critical market events and structural developments from late June and early July 2026. ### Summary of Findings 1. **The "Kyber NVL144" Controversy**: On July 6, 2026, research firm SemiAnalysis reported that Nvidia’s vertical rack system intended for the 2027 Rubin Ultra chips was delayed to 2028 due to PCB midplane manufacturing challenges. Nvidia quickly refuted the report, stating its roadmap is intact, while its current-generation Rubin systems remain on track to ship to eight major cloud partners this fall. 2. **Shift to a "Proof" Market**: Investors have begun rotating capital out of high-multiple names on fears of a "compute supply glut" sparked by Meta's July 1 launch of **Meta Compute** (a business unit designed to lease out its excess data-center capacity). However, infrastructure demand remains structurally locked in—highlighted by data-center builder Crusoe raising $3 billion on 4.9 gigawatts of contracted power. 3. **Insatiable Demand & Custom Silicon**: OpenAI and Broadcom officially unveiled **Jalapeño** on June 24, 2026, a custom LLM inference ASIC slated for late 2026 deployment. While custom silicon represents a long-term competitive pressure, Broadcom's CEO Hock Tan emphasized that demand remains "simply insatiable" with strong visibility extending all the way into 2028. 4. **Nvidia's Financial Power**: Grounded in the latest public market data, Nvidia commands a $5.11T market cap with $81.61B in quarterly revenue (ending April 30, 2026) and a staggering $48.59B in quarterly free cash flow, indicating its capex story remains fundamentally robust despite market sentiment shifts.