Since Big Tech is making good money, I don't see any shorting on hardware for the time being unless this trend changes

‌After watching Hynix's earnings call today, my conclusion is that LTAs (Long-Term Agreements) will play a role in maintaining a certain balance between Big Tech and hardware. It seems that once chip prices stabilize within a certain range, it will be much more stable and advantageous for Big Tech to structure their accounting, such as their capacity for hardware spending.
And while we need to see the actual earnings of companies like Google, the fact remains that revenue is coming in well. Therefore, as long as chip prices do not skyrocket insanely, I judge that Big Tech will be able to continue increasing CAPEX and investing at the current level for the next few years.
While a high proportion of LTAs could potentially be a double-edged sword, I believe they will serve as a fairly stable regulatory mechanism for the AI ecosystem as a whole. Furthermore, I suspect that semiconductor stocks may finally receive stable valuation recognition, similar to the value assigned to TSMC in past cyclical industries.