The first real Mag7 read landed after the bell, and it was a beat-and-bleed. Alphabet actually crushed the quarter, then the tape took one look at $44 billion in capex, and its first negative free-cash-flow print and sold it anyway, and Tesla missed the bottom line right next to it. I guess tokenmaxxing capex isn’t a long-term cash flow product just yet. Makes sense; I think many companies are sitting on their hands, developing their own models within product suites, and trying their best to stay relevant in the enterprise space. Personally, I think build vs buy isn’t coming back. Then there’s the situation monitoring…Crude picked the same night to rip toward 90 on the eleventh straight night of strikes, and gold, the one that was supposed to catch the safety bid, got sold right back to the floor instead. So tech stays heavy until it climbs back into value, crude runs until the headlines quit, and gold has to prove 4080 or it keeps bleeding.
