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First take on $MSFT, $META and $TSLA earnings. Bottom line: AI trade continues to be in a great place (despite MSFT down 6% in after-hours) All that matters is $META suggests CY26 Capex could be up as much as 85% in over CY25. Previously the Street was expecting a 57% increase. Good news for $NVDA and for those playing a role around AI buildout.