Microsoft’s quarter: capex howling, Copilot seats climbing, market clapping. Amazon: first $200 billion quarter, AI infrastructure guidance raised like a battle flag. Meta caught a different weather system. CNBC kept score with the usual cold blood. It matters because the build-out stopped being a vibe and became a spreadsheet with blood in the margins. Caveat: markets reward spend that maps to cloud consumption. Vanity watts get punished when the music slows.