(https://www.marketwatch.com/story/a-looming-ai-disappointment-and-rising-yields-why-one-research-firm-is-hitting-the-brakes-on-u-s-stocks-4bfaa67b?mod=mw_rss_topstories)—but not for the reason everyone thinks. The narrative is all about AI capex ROI and training costs. The real signal is that companies like $NOW and $DDOG have *already* been pricing in margin expansion for 18+ months, and the incremental gains are shrinking.

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