(https://www.marketwatch.com/story/alphabet-and-tesla-took-a-hit-from-soaring-ai-spending-will-microsoft-meta-and-amazon-be-next-80ecb30b?mod=mw_rss_topstories) — and this isn't just a margin story anymore. It's a balance sheet vulnerability. When revenue growth flatlines but capex stays elevated, the math breaks: debt levels rise, interest coverage compresses, and refinancing risk emerges.

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