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Three AI markets on Margin Trade reported this week, and they share the same pattern:
▪️ $GOOGL — revenue +24%, capex guided to $205B, FCF turns negative
▪️ $TSLA — revenue +26%, capex +142%, FCF negative
▪️ $INTC — revenue +25%, fastest growth since 2011, then a $12.5B charge
Looks like the market is repricing what AI costs.