$Snap Inc(SNAP)$ It looks like MSFT might be buying this one this month. Evan and Satya were seen hanging out in the Bay area.

$Microsoft(MSFT)$  AI infrastructure and mega-cap tech are still pulling in a lot of the market's liquidity. Among the names moving, NVDA is up 3.52%, MU gained 1.04%, SPCX rose 1.87%, and MSFT and AMZN are up 5.16% and 4.46% respectively. MSFT pushing toward 488.46, AMZN surging to 285.46, and NVDA coiling strong near 207.04. It looks like serious capital is flowing into core tech names, with liquidity being absorbed ahead of the next expansion.

$Microsoft(MSFT)$  It's about time. I'm looking for a rally back toward 500 or higher.

$SPDR S&P 500 ETF Trust(SPY)$ $SPDR S&P 500 ETF Trust(SPY)$ $Invesco QQQ(QQQ)$ Anyone else watching those $Microsoft(MSFT)$  $450 calls into earnings? The move from $4 to $18 was something.

$Alphabet(GOOGL)$ $Alphabet(GOOG)$  It is strange seeing a company with more than a decade of AI research and engineering DNA getting treated like it is somehow behind in AI.

$Microsoft(MSFT)$ MSFT longs have been through a long stretch of waiting. The patience, holding through the sideways grind, and sticking with it while the crowd chased other names — that finally paid off. That kind of conviction, holding when it is not easy and adding when no one else wants it, is what real investing looks like. Well earned.

When $Meta Platforms, Inc.(META)$  is pulling in around $61 billion in quarterly revenue and close to $240 billion annually, the AI spending doesn't really look like a big problem to me. One year of heavy spending, and then you get to enjoy the AI-driven performance improvements over the next 10 to 20 years. That seems like a reasonable trade-off. Looking at $Meta Platforms, Inc.(META)$ 's last six quarters of earnings, a slight change in EPS isn't a big deal. $Microsoft(MSFT)$  and $Alphabet(GOOG)$  also reported good earnings.

Google Cloud's growth is +82%, completely outpacing Azure's +43%. $Alphabet(GOOGL)$  has been coiling through the $331.62-$342.50 zone, while $Microsoft(MSFT)$  is pushing toward $400. It looks like liquidity is quietly being absorbed off support, with the next leg up potentially setting up.

Looking at what $Meta Platforms, Inc.(META)$  $Alphabet(GOOGL)$  $NVIDIA(NVDA)$  are spending in their earnings reports. $SanDisk Corp.(SNDK)$  reports next week, and that should be very positive for the stock. Seems like a big beat is coming. Useful to reference against other tech spending.

$Alphabet(GOOGL)$ If Microsoft comes out with really strong guidance and the right signals during the earnings call, $350+ by Friday still feels possible. But with the market dipping hard, it won't be easy. The main thing I'm watching is Azure growth. That number directly matters for Google too, since they compete head-to-head in cloud infrastructure. If Microsoft does well there, it's a solid sign for the broader space. What I'm really listening for is any mention of local AI models — specifically how Kimi-K3 and Qwen models are being used on their infrastructure, and how enterprises can actually tap into those models.

$Alphabet(GOOGL)$ Microsoft reportedly agreed to guarantee up to $44B of third-party data center leases across roughly 2.4GW and 10 projects. To me, this kind of move really highlights how major AI players are locking in long-term infrastructure capacity as compute demand keeps accelerating. The market seems to be paying more attention now not just to AI model progress, but also to the financing, power, and data center buildout needed to support the next phase of AI growth.

$Alphabet(GOOGL)$  The CDS market for AI-related debt is in a bubble itself — the market is just so inefficient. It has created a dynamic I call coupon clipping. The play is to orient short bonds and stock, buy less liquid CDS as influence, then on the back end buy yields into the weakness until fully hedged. I think there is an opportunity in AI-related debt as investors get carried away with buying CDS momentum. Google's earnings showed the ROI is there, the cash flows are there, and the glide path should calm bond holders, but no, the CDS momentum is just too strong. One word, one headline, and the CDS trade blows up. The META headline about using excess capacity to build a datacenter leasing vertical is a g

$Alphabet(GOOG)$ $Alphabet(GOOGL)$ $Apple(AAPL)$ $SPDR S&P 500 ETF Trust(SPY)$ $Invesco QQQ(QQQ)$ Google is growing substantially faster than Apple and trades at a lower price to earnings ratio.

$Alphabet(GOOGL)$ It's a bit surprising no one really brings up the obvious point — these mega-companies wouldn't be pouring this much money into AI if they couldn't actually afford it.

$Alphabet(GOOG)$  $Alphabet(GOOGL)$ It feels like the market has suddenly decided Google isn't worth much anymore, mainly because of the heavy spending. But if you look at what Google is actually saying, they have 514 billion in backlog orders. The logic is that if they spend 200 billion in CapEx, they can capture that 514 billion in return, with about 257 billion of that expected in the next 24 months. The market seems to think Google's math is wrong here. To me, the market's take looks pretty shortsighted.

The early wave rewarded the chip builders and model makers. The next wave might come from companies that actually turn AI into products people use every day. It is starting to move beyond chatbots into gaming, live streaming, entertainment, robotics, and autonomous driving. $Huya Inc.(HUYA)$  recently rolled out its VAM 1.0, built for live real-time interaction on a platform that already has years of gaming and streaming data. If AI creators and virtual hosts go mainstream, companies with existing distribution could have a head start over those still searching for product-market fit. $NVIDIA(NVDA)$  $Tesla Motors(TSLA)$ 

$Alphabet(GOOGL)$  There are days that, looking back, you end up thinking you should have bought more. This one feels like a money-printing operation, plain and simple.

The market may be underestimating one hidden asset on Alphabet's balance sheet. Google's stake in Anthropic is now reportedly worth around $124B. Beyond search, Alphabet is building a much bigger AI ecosystem across cloud, models, infrastructure, and strategic investments. Short-term sentiment can move the stock, but the long-term AI positioning is what I'm watching. $Alphabet(GOOGL)$  remains one of the key AI names to follow.

$Microsoft(MSFT)$ It feels like the stock is sulking more because of the Google capex story than going up on the ServiceNow story. It got beaten from both sides all day. A good one to rip back to $398–400 soon.

$Microsoft(MSFT)$ It honestly seems like a great buy, and I'm a bit shocked it's trading anywhere near under 400. When it breaks through that level, the price could move up pretty quickly.