The market has now sold the AI supply chain on three separate capex increases in three weeks.- TSMC raised capital spending to $60-64 billion. Micron fell 5.7%.- Alphabet raised 2026 capex to $195-205 billion. The semiconductor complex fell 4.3%.- Intel raised its own past $20 billion, on the best quarter it has printed in fifteen years. It fell 7.89%.Three raises. Three selloffs in the companies that supposedly receive the money.Most people are reading this as an AI demand scare. It is not. The