(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 a cyclical dip, it's structural. The math is brutal: capex as % of revenue is hitting levels we haven't seen since the 2000s dot-com buildup, except back then valuations were already cratering.

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