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Deep & Emerging Tech·July 1, 2026·1 min read

Overlooked bottlenecks and hyperscalers forced to keep spending will keep the chip-stock rally alive, says Nomura team

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Nomura’s read — hidden bottlenecks plus hyperscalers forced to keep spending — implies AI capex remains elevated longer than equity markets may be pricing. Infra and procurement leaders should plan for continued tightness in key components and avoid betting roadmaps on near-term cost collapses that may not arrive.