Latest / MPC Markets Morning Call
AI Stocks Smashed on Hyperscaler Cash Burn
AI stocks were smashed overnight as the hyperscalers reported surging capex and weakening free cash flow. Amazon missed on EPS and revenue, Google posted its first negative free cash flow quarter since listing, Meta got hit, and Intel guided Q4 sales below expectations. Microsoft was the only big name to escape. Mark Gardner breaks down the price action, why the leveraged money rotating between chip and software stocks matters, and why the rest of the market may already have priced in a lot of the downside.KEY POINTS• Nasdaq down 2.5%, S&P 500 down just 0.8%, Russell up 1%• Hyperscaler capex…
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