The headline signal — how confidence moved from the previous snapshot, and why.
First tracked in this version
Held at 2.1.0 levels (0.86 ± 0.04). No new chip-side print or export-policy news in the 14.5-hour window. Beta(64, 10) encodes ~74 effective observations. NVDA Wed May 20 print is the next confidence move - expect post-print rerating, not in-front-of.
The thesis
The claim and where confidence stands now.
Beta(64, 10.4) · 95% CI [0.78–0.93]
Hyperscaler AI capex continues at elevated pace into 2026. AMD Q1 2026 (May 5 AH) materially confirmed the demand side - revenue $10.3B vs $9.88B consensus, Data Center +57% YoY at $5.8B, Q2 guide $11.2B vs $10.3B consensus, Lisa Su quoted "tens of billions" by 2027. NVDA Q1 FY2027 (May 20 5 PM ET) is the next binary tell - consensus $78.8B revenue (+77% YoY) / $1.77 EPS; Q2 guide near $86B is what the after-hours reaction rides on; options price a 5-10% implied move (May 22 ATM straddles); prediction-market beat probability is ~97% priced in - the asymmetry is unfavorable on the upside, and NVDA has closed lower on 4 of its last 5 earnings reports despite beating revenue 3-4% for six straight quarters. Huang estimates the unrealized China market at ~$50B "effectively gone with no clear return timeline". The May 14 H200 export approval to ~10 Chinese firms (Alibaba, Tencent, ByteDance, JD.com plus Lenovo and Foxconn) holds through Friday - the Trump-Xi summit concluded with no AI-policy reversal or extended- export-control reinstatement. Friday May 15 delivered broad chip profit-taking on the oil shock / rate-up backdrop: NVDA 225.32 (-4.42%), AMD 424.10 (-5.69%), INTC -8% to ~$108 (after a YTD +214% run), MU -6.6%. CSCO printed a divergent +13.4% to 118.21 confirming the Wed-AH Q3 print (FY26 AI orders raised to $9B from $5B, HSBC upgrade to Buy with $137 PT). The PHLX Semiconductor Index sits ~32% above its 50-day moving average after a +143% trailing year - a consolidation setup. The Rubin architecture H2 2026 ramp is the new positive overhang investors are watching for.
Drivers
The underlying macro forces this thesis expresses - the loading mean is how much each force drives the thesis, the stddev our confidence in the mapping.
Supporting evidence
Typed, citation-backed observations across time, grouped by strength. Hover a point for the claim.
What would invalidate this
The machine-evaluable conditions that would falsify the thesis.