$AMZN

Why $NVDA is now the most attractive stock in semiconductors: We are nearing the peak in AI capex boom. - $GOOG sold shares to raise funds. - $META is considering selling shares. - $AMZN raised money by issuing bonds. This means they are already at limits and we won’t likely see frequent upward revisions in capex estimates. So, downside risk is elevated for companies priced at substantial premium on the assumption of ongoing upward revisions of capex. Take $AVGO for instance. It was trading at 5x sales before 2023, and now it’s at 25x. Even if it achieves 2029 targets, there’ll be no material upside to the current price if it’s re-rated at 10x sales. Re-rating is inevitable since capex numbers won’t likely suprise on the upside as explained. Hyperscalers are near limits. $NVDA, on t