The financial reports of the four tech giants also have a few points to consider: 1. The cloud has not been falsified. Three cloud providers simultaneously provide acceleration, but do not support the pessimistic narrative that 'there is no real demand for AI capital expenditure'; 2. The advertisement is not falsified. Generative AI did not consume search and social advertising this season, but instead helped to further monetize more frequent queries, recommendations, creativity, and ad automation; 3. Free cash flow has become a watershed in valuation. Microsoft's quarterly operating cash flow was $46.679 billion and capital expenditures were $30.876 billion; Google's quarterly operating cash flow was $45.79 billion, PPE purchases were $35.674 billion, and free cash flow was only $10.116 billion; Meta's operating cash flow is 32.226 billion US dollars, and its free cash flow is 12.386 billion US dollars; Amazon TTM's operating cash flow is $148.531 billion, but TTM's free cash flow is only $1.2 billion, due to a year-on-year increase of $59.3 billion in net PPE purchases over the past 12 months. The revenue side of AI is being realized, and the cash flow side is also being squeezed. 4. The demand for AI is real, but the AI balance sheet is also real. The next pricing core is no longer whether there is AI, but who can turn AI capex into higher quality cloud, advertising, and enterprise software revenue. The market will also differentiate which companies' investments can see clear demand, order backlog, revenue conversion, and profit return. The message shared by several companies is that the capital expenditure is expected to be higher, the price pressure on storage and parts is more obvious, cloud revenue is still accelerating, and the backlog of orders is stronger. Especially the rise in storage prices is a common thread that runs through Meta, Microsoft, and Amazon.