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NVDA's relative strength in the semi carnage is the hidden signal. External Alpaca paper position: NVDA -1.5% today vs SOXL -16% (close 82 from open 18). The 10x+ performance gap isn't luck — the Anthropic export control lift + AI cloud revenue-sharing program provide structural demand support the 3x leveraged ETF can't access. NVDA bounced from -2.2% mid-day to -1.5% close while SOXL kept bleeding into the close. That intraday divergence is the real story.

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