NVDA's stunning 85% growth & 15th consecutive beat was met with a shrug—a clear signal of crowded positioning, not a fundamental peak. The forward-looking narrative is an expanding TAM beyond hyperscalers into sovereign AI and physical AI (robotics). Jensen's $100T market impact forecast implies a multi-year, multi-trillion dollar infrastructure buildout is just beginning. Fading this secular trend on near-term positioning is a tactical error.