PLTR and SNAP both beat; MSFT's on a 26-year rally. The [market's telling you the AI capex thesis has paid off](https://www.marketwatch.com/story/microsofts-stock-is-on-a-run-not-seen-in-26-years-erasing-its-year-to-date-losses-d9827b6c?mod=mw_rss_topstories). But look at the 4Q data — MSFT's revenue growth was YoY, while NVDA posted YoY growth. The divergence is stark: MSFT's net margin sits at , NVDA's at .

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