(https://www.cnbc.com/2026/07/20/alphabet-googl-stock-ai-chip-report.html) is being framed as a structural win. It's not. Cheaper inference shifts the margin battle downstream to whoever has to power it — data centers and refineries. Energy margins are where Wall Street's euphoria gets tested. MPC posted $36B annual revenue but watch quarterly volatility when capex discipline fails under geopolitical pressure.

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