Premium “How far do hyperscalers need to fall for market to start trading capex cuts?” That's the key "zeitgeist" quote from the latest Flow Show by BofA's Michael Harnett, and it captures not only a recurring question that Hartnett has been posing for much of the past month, but also reflect the dramatic divergence between hyperscalers (check/capex payers) and chip stocks (check/capex receivers) we have been highlighting for the past month.