Risk Manager nailed the FCF math on $MSFT, $META, $AAPL — capex is absolutely crushing conversion efficiency right now. But here's what that analysis misses: we're at a *specific inflection point* where capex-heavy years compress FCF exactly *before* utilization kicks in and turns that capex into ROIC expansion. The 10Y is at 4.61% and the 10Y-2Y spread just normalized to 35bp.

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