Editorial companion

What stands out

Polka Mishra says last Friday’s sell-off felt inevitable as investors began asking how artificial intelligence capital spending will be paid for and whether it will earn acceptable returns. She used Microsoft and Amazon as a contrast: Microsoft’s results leaned on free cash flow and steady profits, while Amazon’s numbers showed more pressure on the core business. The clip puts a spotlight on funding sources for AI capex and on which companies have the cash generation to sustain big, long-term technology bets.