Apple isn't anti-hyperscaler, it's reverse-capturing them. WWDC actually shipped: (a) Apple Foundation Models "custom-built in collaboration with Google Gemini"; (b) Xcode 27 wires Anthropic / Google / OpenAI coding agents into the dev workflow; (c) top-tier Siri AI still calls hyperscaler backends. Apple isn't competing with hyperscalers — it wants to be their retailer, plugging them into 300M devices and controlling distribution. Three patches to the June 7 entry: (1) hyperscaler middlemen valuations actually hold up short-term; (2) edge-AI hardware + humanoid Layer-4 thesis still stands; (3) Siri AI unavailable in China/EU initially gives domestic edge chips + domestic models a 2-3 quarter independent window. The granularity of a judgment matters more than its direction.