Cash flow is starting to matter more than narratives.

Even in a market that rewarded short-term rotation, the strongest signal among outperformers was still revenue.

However, this shift only matters if projects also fix the supply side. Buybacks are not enough when unlocks and emissions add more supply than demand can absorb. Revenue only translates into value accrual when supply is disciplined.

The business model is starting to matter more than narrative.

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