NVIDIA

Seventh weight at 4.62%, down 4.1% from 4.82% and down two ranks. AI capex sustained but with China decoupling tail risk eased 0.92 to 0.90 and the alignment eased it 0.91 to 0.90 after a 5.5% decline from September 2 with no franchise-specific news into a 5% ten-year - the stock traded the rate, not the cycle. Single-thesis holding on two drivers, ai-capex-cycle at the dominant share and geopolitical-conflict carrying the China tail; no dedupe. Now level with RTX, which is the book saying the AI leaders and the defense primes carry the same conviction.