Tonight is the post-market super earnings day for the four major tech stocks, and the key points are still what we discussed earlier: 1. Earnings growth focus, especially cloud business—this is the most direct validation of AI monetization. Growth differences come from order structure, production capacity release pace, and absolute increments. 2. Capital expenditure (Capex) focus: Who's spending, where they're spending, and when depreciation starts to drag. Pay close attention to the revenue/Capex ratio. 3. Remaining performance obligations (Backlog/RPO) focus: Stability of cash flow on the demand side, contract enforceability, and real consumption validation. This season, keep an eye on RPO quarter-over-quarter growth (likely +20-25%) and the weighted average remaining term (extended to over 5 years = confirmation of the long-contract era). This earnings report marks a critical turning point for the AI infrastructure cycle, shifting from "expectation-driven" to "delivery-driven," and is also a key moment from skepticism to "validation." Sponsored by @bitget_zh, "Bitget Buy US Stocks: Instant entry, seamless trading