China export controls did not hinder $NVDA; its China revenue declined from 25% to 9%, but demand from $MSFT, $META, $GOOGL, and $AMZN absorbed all displaced GPUs. U.S. domestic demand proved sufficient 引用[22].
AI infrastructure spending is only effective if new revenue streams enter the ecosystem. $AMZN’s planned ~$200B 2026 CapEx for AI is supported by robust demand signals 引用[27].
Significant divergence observed: Nvidia down 16%, Google down 13%, Amazon down 20%, Meta down 20%, Apple down 8%, Tesla down 20%, Avgo down 25%, while S&P is only down 2.5% and Nasdaq down 5% from recent highs, signaling distorted price action 引用[24].