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Market Outlook

Today's Market

Summary

Top hyperscalers—Microsoft, Meta, Amazon, and Alphabet—posted strong earnings and guidance, but surging CapEx raises ROI and sustainability concerns.

CapEx projections for 2026 have already been surpassed, with over $700B now expected from these four companies alone.

Valuations remain elevated but not extreme; Meta appears cheapest with a forward P/E of ~17 and PEG near 1, while others are less compelling.

I am adopting a more defensive stance, reducing tech exposure and preferring to buy high-quality names on pullbacks amid later-stage AI cycle risks.

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Markets are going through the busiest part of earnings season. In fact, four of the top hyperscalers reported simultaneously after the bell on Wednesday.…