The author sees hyperscalers as a better buy than semiconductors, citing more sustainable earnings and growth, but warns that debt and dilution could keep hyperscaler stocks flat until free cash flow turns positive. The post says gold and bitcoin are also participating in a broad risk-off move; the image shows declines across many named stocks, including NVDA (-5.04%), AVGO (-6.42%), MSFT (-1.72%), and GOOGL (-1.82%).