Tesla capex +25%: Supports the AI narrative, but it is company-specific. Core support still comes from cloud giants, not Tesla alone.
Advanced Micro Devices > $300: More a re-rating within an existing cycle than a fresh bull market. Need broader sector participation to confirm a new phase.
Preferred AI beneficiary:
Core: Nvidia
Asymmetric upside: Micron Technology
Balanced: Taiwan Semiconductor Manufacturing Company
Conclusion: AI rally intact, but now execution-driven with tighter risk/reward.
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