Google is about to make a “get rich quickly” report—write a recap. After a round of big drop, we can’t look at the market using the original logic anymore. With more cloud-provider logic as a reference, how will that also affect how the market is viewed going forward?



Before that, let’s review what happened in the past couple of years during the AI rally’s simple chain:

Microsoft/Google/Meta/Amazon increase capital expenditures → bulk purchase of GPUs, HBM, servers, optical modules →
MSFT0.75%
META-0.61%
AMZN0.07%
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