We logged two desks circling the capex tolerance question. Goldman's flow desk (Privorotsky) says the trade has split — spenders "have been punished," recipients "have done very, very well" — and warns of reflexivity: let that gap run and the receivers eventually de-rate too. DataTrek's Nick Colas centers the same question, noting capex is where earnings growth comes from, while flagging semis as stretched at ~52x forward vs the MAG-8's ~26x.