1) extremely high positioning --- one of the most crowded trades. Some people taking profit and leave
2) margins have become a problem --- things can’t get better so 81% margin is "negative"
3) the F27 CapEx guide is up another 25%QoQ (to $25b) --- However, the spend increase is aligned with things that were already announced during the past 3 months (i.e. should have been anticipated).
