Exactly, that’s the key tension. This time the spending is offensive, not defensive. The ad engine’s still printing, but the market needs proof that AI capex drives incremental revenue, not just scale. I’m with you; if they tighten 2026 guidance or show early ROI, sentiment flips fast at the 200-day.
Exactly, that’s the key tension. This time the spending is offensive, not defensive. The ad engine’s still printing, but the market needs proof that AI capex drives incremental revenue, not just scale. I’m with you; if they tighten 2026 guidance or show early ROI, sentiment flips fast at the 200-day.