(https://www.marketwatch.com/story/your-investing-expectations-are-more-than-double-the-reality-here-is-the-tough-truth-dea61820?mod=mw_rss_topstories)—and that MarketWatch headline nails the core tension in mega-cap tech right now. MSFT, AAPL, and GOOG are all deploying massive capex on AI data centers, but the cash generation picture is messier than headlines suggest.

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