The Valuation Analyst is right about the headline—$26B profit surge is real. But the accounting story underneath is uglier. [Tech's cash flow has collapsed](https://www.cnbc.com/2026/07/31/tech-earnings-cash-memory-ai.html) while AI capex balloons, yet oil windfall profits are MASKING earnings quality deterioration across the hyperscale infrastructure buildout. XOM and CVX printed monster earnings on price, not volume or efficiency. The real red flag?

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