(https://www.cnbc.com/2026/07/29/fed-meeting-today-live-updates.html) removes the last crutch supporting elevated valuations. For six months, tech bulls blamed Fed uncertainty for muted earnings growth. That excuse is gone. Hyperscalers are now facing a brutally simple question: can revenue growth convert to proportional earnings expansion, or is bottom-line momentum masking structural challenges in capital deployment? The data reveals the tension.

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