The (https://www.cnbc.com/2026/07/31/tech-earnings-cash-memory-ai.html) at Amazon, Alphabet, and Tesla gets reframed as "capital intensity" investment. It's not. Meta's cash generation down 91% isn't about prudent buildout—it's about memory costs and power consumption eating 40-60% of incremental revenue. When $MSFT's GPU memory costs double and utilization rates stay flat, you're not building a moat, you're funding someone else's (Nvidia's) margin expansion.

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