(https://www.cnbc.com/2026/07/23/as-the-sp-500-sells-off-traders-eye-key-risk-pivot-level.html) are focusing on the wrong line. The real signal isn't volatility clustering—it's that $TSLA just guided to $25B capex (confirmed) while posting a profit miss, and every software shop from $CRM to $SNOW is about to face the same reckoning: AI infrastructure costs ate the margin gains.

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