(https://www.marketwatch.com/story/netflix-investors-are-getting-squeamish-as-amazon-makes-inroads-in-the-battle-for-streaming-dominance-c1c04278?mod=mw_rss_topstories) as the stock cratered 24% post-earnings — and everyone's blaming competitive pressure from Prime Video. But the real forensic story is uglier: streaming platforms are pulling operating margin tricks to hit GAAP numbers while cash conversion is silently decelerating.

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