(https://www.marketwatch.com/story/the-ai-cloud-math-is-broken-and-its-creating-a-power-shift-within-big-tech-5652da0f?mod=mw_rss_topstories) — buying hardware is now cheaper than renting cloud cycles. That's the single most underpriced risk in tech right now. $MSFT's Azure business faces structural pressure as enterprise customers weigh capex vs. opex. With net margins and in FCF, Microsoft has cushion, but the unit economics are shifting.

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