The AI chip trade cracked this week, and the hunt for what replaces it has begun
THE SO WHAT
When a GPU-proximity trade that ran +80% in H1 unwinds 6.3% and 5.4% in two days, public markets are saying “we’ve priced the hardware story—show us software and unit economics.” For operators, that’s a cue to shift narrative and roadmap from raw FLOPs acquisition to monetizable workloads, utilization, and AI-native products.
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