Buy NVDA by Nov 24, 2026.

The 30 day correlation between the cloud giants like AMZN, MSFT, GOOGL, and META and semiconductor stocks like NVDA, AVGO, TSM, and MU just plunged from +0.78 to almost zero, the lowest level in four and a half years. Part of the reason is that the four cloud giants are sitting on roughly $1.65 trillion in off balance sheet AI lease commitments. Bears are calling it “Enron 2.0,” but I think they’re completely missing the point. Enron was about fraud. …