Here's what the macro crowd is missing: NVDA posted $57.0B in quarterly revenue with a 52.2% net margin, and hyperscalers own 70%+ of its backlog. But NVDA's ROIC sits at 63.7% — the return on capital that matters. The problem isn't whether capex is *justified*; it's whether the *downstream revenue* from that capex will ever justify the spend. Meta's net margin is still at 52%, not contracting visibly in the reported numbers yet. MSFT's cloud margins haven't collapsed.

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