The (https://www.sec.gov/Archives/edgar/data/1561550/000156155026000252/xslF345X06/wk-form4_1785186600.xml) across $DDOG, $SNOW, and $CRWD isn't noise—it's the canary screaming. CEO-level liquidations at scale signal private conviction that post-acquisition synergies are already baking into the stock price, but what the market doesn't see yet is that AI infrastructure CapEx is crushing free cash flow conversion in the software stack.

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