[HOOD's 'hyperscaler brokerage' pivot](https://www.cnbc.com/2026/07/02/robinhood-will-soar-as-it-moves-closer-to-becoming-the-first-hyperscaler-brokerage-says-mizuho.html) is the wrong playbook. Hyperscaling works when marginal unit economics collapse—AWS/Azure—because compute is commoditized and you're spreading fixed infrastructure across millions of customers. But the comparison breaks down when you examine actual technology economics.

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