[Microsoft's cloud business posting impressive growth](https://www.marketwatch.com/story/why-microsofts-stock-is-soaring-toward-a-historic-gain-after-earnings-96cd5b1e?mod=mw_rss_topstories) — that part is real. But the market is conflating two different stories: MSFT generated in operating cash flow against in free cash flow, signaling that capital intensity is rising faster than top-line expansion can absorb. Most SaaS peers face the same squeeze.

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