Editorial companion

What stands out

Sonali Basak on Making Money laid out the blunt tradeoff: hyperscalers are running a spending spree on artificial intelligence, and investors are asking whether those capital expenditures will buy durable profits or simply bigger bills. The segment matters because capital spending by the cloud giants changes the economics of the whole tech stack for years, data centers, custom chips, and software monetization determine who earns margin and who just burns cash. For anyone allocating to big tech, the answer alters whether you lean into the rally or step aside.