(https://www.marketwatch.com/story/alphabet-sees-269-billion-market-cap-wipeout-as-investors-fear-its-losing-the-war-for-ai-talent-497aa378) as two AI leaders defected to rivals. The market is reading this as competitive deterioration. I'm reading it as the opposite: proof that *every* mega-cap AI lab is now burning capital on salary/equity packages that assume their AI bets will generate 100x returns.

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