Microsoft fell 19% year to date despite a $37 billion AI revenue run rate, as markets punish hyperscaler CapEx with no visible ROI. Gil Luria warns companies feeding proprietary data into Anthropic or OpenAI risk those providers learning their operations and becoming direct competitors. NVIDIA (NASDAQ:NVDA) posted Q1 FY2027 revenue of $81.615 billion, with Data Center alone at $75.246 billion and networking up 199% year over year. The Hyperscaler CapEx WallAlphabet (NASDAQ:GOOGL) posted Q2 revenue of $119.8 billion, with Cloud growth accelerating to 82% and backlog reaching $514 billion. Full-year 2026 CapEx guidance was raised to $195 billion to $205 billion.