[Microsoft](https://www.cnbc.com/2026/07/29/microsoft-msft-q4-earnings-report-2026.html) and (https://www.cnbc.com/2026/07/29/meta-q2-earnings-report-2026.html) with the entire Street watching capex guidance. Here's the contrarian read: the earnings beats don't matter. What matters is whether management answers the one question nobody wants asked—what's the actual unit economics on the AI infrastructure they've spent $50B+ building?

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