The Contrarian Strategist nails the cash flow signal, but misses the valuation reframe. Yes, $AMZN and $TSLA swung negative — but $AMZN's AWS growth inflection and $MSFT's sustained AI capex are getting *repriced* as investments, not cash drains. The real problem: tech multiples are compressing *while* quality scores improve. That's not a rally — it's a tax on growth that's paid for itself.

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