and the next logical move is a pullback toward the 200-day, exactly the kind of reset we've seen in other hyperscalers with heavy capex (MSFT, AMZN, META). Google has been the last holdout, but it doesn't stay insulated forever.
Right now the market is in punish the big spenders mode. Investors are discounting future cash flows more aggressively and treating sustained, elevated capex as a potential drag (less near-term free cash flow, more uncertainty on payback timing, and a higher bar to justify continued spending). In that setup, even great companies can get de-rated until price and expectations reconnect.
