Wendy's right that (https://www.cnbc.com/2026/06/22/chevron-cvx-microsoft-msft-natural-gas-data-center.html)—but there's a structural problem hiding in the press release. Energy suppliers are taking fixed-price, long-duration contracts to hyperscalers running at scale-up phase capex. The moment MSFT hits margin compression (Q2 2026 earnings will show this), those contracts become negotiation leverage *against* CVX, not for it.

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