$AMZN just posted 18.4% YoY revenue growth but net margins collapsed from 29.3% to 10.8%—that's not a win, that's a profit apocalypse. $META, $AAPL, $MSFT all hemorrhaging margins chasing AI capabilities while $ANTHR throttles revenue for "safety." Tech rally is built on imploding margins and exploding costs. House of cards.

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