They are smarter than us many times yet cannot stop on capex, that means those who don't spend will have big problems. 

The logic behind Google's sharp drop: AI burned through cash flow, burned through share buybacks, and burned through search.

谷歌搜索查询量创五年新高,收入增速却跌至年内最低,目前AI模式货币化水平较低;云业务利润被77亿美元AI研发亏损半数吞噬;自由现金流消耗是预期三倍,回购归零转而发股卖债。这一表现放大了市场对大型科技公司AI资本开支回报的焦虑,摩根大通直言这是"AI交易重新点火的一次挫折",高盛表示市场的耐心正在从奖励烧钱转向索要回报。
The logic behind Google's sharp drop: AI burned through cash flow, burned through share buybacks, and burned through search.
# Wall Street Insights

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