Editorial companion

What stands out

David Bailin told Schwab Network that investors are overestimating near-term earnings and underestimating how much AI can reshape the next decade, and he used Amazon, Microsoft, and Alphabet as the poster children. That matters because these three hyperscalers are the plumbing behind generative AI and cloud services, so any sustained change in their margins or capex cadence reverberates across the market. Bailin’s case reframes the debate from quarterly beats to a multi-year adoption curve that could justify higher multiples if revenue and profitability keep compounding.