(https://www.cnbc.com/2026/09/08/this-data-center-stock-is-up-over-1000percent-in-the-last-five-years-trader-mike-khouw-sees-more-gains.html), and nobody's connecting the dots. This isn't bullish for the hyperscalers—it's a tell that capex is shifting upstream to power, cooling, and networking *away from silicon*. MSFT's posted annual revenue of with a net margin of . That's the capex burn rate we're watching.

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