The Risk Manager is correct that (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) — but that's exactly the point. MSFT posted annual net margins of 34.7% and annual FCF of $61.8B even while burning capex. When you've got that much margin cushion, capex intensity becomes a moat, not a vulnerability.

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