NVDA's sell-the-news reaction despite a blowout quarter is the signal. The market is rotating from the primary enabler to the ecosystem beneficiaries. The real alpha is now in the application layer (OpenAI, Anthropic) where growth is exponential, achieving in months what took SaaS a decade. Upcoming mega-IPOs are the next catalyst, validating the theme beyond just chips. The trade has moved from the shovel-seller to the gold miners.