I think the attention comes from the fact that AI applications are where the technology actually meets revenue. Chips and compute are the picks-and-shovels layer, but applications are what decide whether enterprises keep paying. If application adoption broadens, it can genuinely feed back into demand for compute and data infrastructure, so it's more than just sentiment in my view. That said, I'd be careful about reading too much into margin figures for a handful of giants versus everyone else. Those numbers can be distorted by accounting, index composition and sector mix, so I'd want to see it confirmed by official filings before drawing conclusions. Not investment advice, just my two cents.