2026 VIS – Semis Expert Nicolas Chantier Argues AI Infrastructure Earns Phantom Profits on a 2.84-Year Asset Life; These Tech Darlings Face Impairment

The afternoon session of the 2026 Value Investing Seminar opened with Nicolas Chantier, founder of N72, an independent semiconductor equity-research house based in Paris, took the stage to do something most financial analysts shy away from: translate engineering reality into accounting consequences.  Chantier discussed question the market has largely avoided, what return must the trillion-dollar...