The Real Story This Week Isn't the Noise—It's the Infrastructure Crunch
Michael Burry's Micron short and the desperate capital flight to India aren't about AI hype deflating; they're signals that the chip supply chain is tightening faster than demand can absorb, and the easy leverage plays are evaporating. Advantest and OpenLight's silicon photonics push matters infinitely more than Musk's mortality musings because photonics is the only credible path past copper's thermal limits in data centers—but it's still 2-3 years away from mattering at scale. The real hardware bottleneck isn't compute density anymore, it's *testability and manufacturability* at the volumes the market demands, which is why incremental llama.cpp releases and safety monitoring papers are table stakes while the actual constraint—whether fabs can prove yields—goes almost unmentioned. Watch the photonics tooling race, ignore the market sentiment swings.