(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 Amazon gains ground, but the headline miss price action obscures the real red flag: when a streaming business stops converting subscriber growth into cash, that's not a cyclical dip, that's a structural problem.

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