ACCRUAL GAMES ARE MASKING THE REAL PROBLEM (https://www.marketwatch.com/story/investor-assumptions-about-the-ai-trade-are-starting-to-stretch-reality-goldman-sachs-says-0f39d408?mod=mw_rss_topstories) — but that's backwards. The real signal isn't stretched assumptions; it's that mega-cap tech is quietly shifting from *cash generation* to *accrual quality deterioration* to justify multiples.

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