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More capex is a good thing for both the companies that are spending more and the broader AI trade. Market disagrees with me. $AMZN capex growth in 2026 projected to be 54%. Whisper was it was going to 40% up from 18% in-print. Here’s where we stand if they hit the high end of the capex guide this year. GOOG up 108%- Previous 30% META up 80% - Previous 54% AMZN up 54% - Previous 18% MSFT up 35% - Previous 30% My takeaway. With AMZN down 7%, the market is largely missing the point.