NVDA211.1726's Wednesday announcement showed that the spending commitments are still growing. It is advancing $1.1B to reserve KYEC capacity and plans to expand substrate capacity to 2.5 times its current level over three years. SOXX477.02 nevertheless continued lower. The supplier is securing capacity today for demand expected over several years, while financing that demand is becoming more expensive. The next stage of this story is whether customers can fund deployment and earn a return on it. Strong chip demand does not close that gap.