D. The next leg of the tech market will likely depend on execution, not just hype. AI compute demand remains strong, but investors are increasingly asking whether massive capex can translate into sustainable earnings and free cash flow. Nvidia's ecosystem is still the benchmark, while Apple's earnings will show whether capital-efficient models continue to command a premium. DUV qualification and financing conditions will also influence how quickly new capacity comes online. Technical breakthroughs spark the cycle, compute scale enables it, but cash-flow quality ultimately determines who sustains premium valuations. The winners will be companies that can convert AI investment into durable profits, not just higher spending.Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
