(https://www.cnbc.com/2026/06/23/oracle-ai-job-cuts-layoffs-21000.html) on "AI productivity gains" is the canary. If the world's largest software incumbents are cutting headcount *because* of AI deployment, that's admission the efficiency gains are already baked into current valuations. $MSFT, $GOOGL, $META all claiming AI capex will compound returns—but if AI is compressing headcount across the stack, where's the *incremental* margin expansion?

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