🪐 Compute Gets a Macro Premium Nvidia crossing the value of the entire Indian stock market is not just a headline; it’s a signal that the market is willing to pay extreme prices for the picks-and-shovels of AI. I read this less as a celebration of one company and more as a stress test for how far narrative can outrun everything else. ⚖️ Bull case: we’re still early in the infrastructure buildout, and when capital gets obsessed with a new layer of the economy, the leaders can stay absurdly dominant for longer than skeptics expect. Bear case: concentration like this usually means expectations are doing the heavy lifting, and when the story gets too perfect, the setup gets fragile. My lean is cautiously constructive on the AI theme, but I think the bigger message is that markets are rewarding scarcity, not just growth. 👁️‍🗨️ The crypto echo is obvious: AI-adjacent names can stay in focus, but only if the narrative keeps finding real usage, not just louder slogans. #AI #CryptoNarrative #Semiconductors