The market is finally getting pickier about AI spending.

Apple stays disciplined with capex, gets rewarded. Oracle goes all-in on infrastructure, gets hammered.

Turns out throwing money at AI doesn't automatically create value. Execution and capital efficiency still matter.

We've seen this movie before — dot-com bubble, anyone? Companies that managed capital wisely survived. The ones that burned cash on "growth at any cost" didn't.

Bigger isn't always better. Smarter is.

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