Earnings reality, software doubt, crypto stress

META and MSFT Earnings Reset Expectations

Meta (NASDAQ:META) and Microsoft (NASDAQ:MSFT) earnings forced a reset in how the market is thinking about AI-led growth. Meta’s results reinforced operating leverage and disciplined monetization, while Microsoft’s print highlighted how elevated expectations leave little room for execution noise. The reaction was less about whether AI is working and more about how much is already priced in.

The broader message is valuation sensitivity. Even leaders can sell off when guidance does not expand the narrative fast enough. AI remains the driver, but earnings season is reminding investors that timing and…

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