➀ NVIDIA's Blackwell AI servers are experiencing overheating and architectural flaws; ➁ Major customers like Amazon, Google, Meta, and Microsoft are reducing orders; ➂ NVIDIA CEO acknowledges a design flaw, delaying mass production until Q2 or Q3 2025.

➀ The CHIPS Act faces potential cuts and modifications under the new administration; ➁ The flow of equipment to reshore may be reversed; ➂ Recent order cuts and fab delays are negative signs; ➃ SMIC comments indicate overcapacity in China; ➄ US legislators question offshore equipment sales to China.