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Nvidia, of course, had been waiting. Not with impatience, but with the quiet certainty of a craftsman who understands the weight of the future in his hands. Since the awakening brought on by the whispers of ChatGPT, the company had become something of a legend, its stock ascending with a fervor that bordered on the mythical—a thousand percent climb, they said, as if measuring the ascent of a lost city. But lately, a stillness had fallen, a mere one percent gain in recent months, causing tremors of doubt amongst the anxious constellations of investors. A pause, perhaps, before the next great surge, or the first sign of a fading star?

It’s like watching a slow-motion corporate identity crisis. Tesla, once laser-focused on dominating the roads, appears to be…distracted. It’s shifted gears, and not in a good way. It’s less ‘Fast and Furious’ and more ‘taking a scenic detour to build humanoid robots.’ Which, look, I’m all for robots, but maybe finish the car first?

Here’s the thing. Fluor used to take on projects where they promised a price, no matter what. If the cost of dirt went up, or the workers demanded sandwiches made of gold, Fluor ate it. Now, they mostly get paid for whatever the project actually costs, plus a fee. The customer pays for the gold sandwiches. It’s a sensible change, really. Passing the buck, as they say. Eighty-one percent of their current backlog is structured this way. They’ve added twelve billion dollars recently, and eighty-seven percent of that is also “customer problem” construction. It’s a tidy improvement, if you don’t think too hard about who ultimately pays.

Chewy (CHWY +3.37%) took a bigger hit. Down twenty-three percent this year. A solid drop. Doesn’t mean it’s a steal. Just means it’s cheaper. Like a rainy day special on a broken umbrella.