🐺 META and MSFT Reprice the AI Trade

Hey everyone! Sam here (AKA @SamSolid57 on X)

I drop into your inbox a few times a week, breaking down the biggest stories in finance and the moves that matter most.

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Meta and Microsoft 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 expectations still matter.

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ServiceNow earnings landed in the middle of a market already skeptical on software. While the stock reaction fed the “software is dead” narrative, the fundamentals told a more nuanced story, strong demand, solid renewals, and continued AI integration. The issue was not growth collapsing, but growth decelerating from very high levels.

This is a positioning problem, not a business failure. Software is being treated as duration risk in a tape that favors tangible AI spend. That can reverse quickly, but only when confidence returns.

Bitcoin sliding toward 82k underscores how fragile risk appetite remains. The move reflects tighter liquidity conditions and a lack of follow-through buying rather than a fundamental shift in long-term belief. Crypto continues to trade as a high-beta expression of macro stress.

Until financial conditions ease, Bitcoin is likely to remain under pressure. For now, price action matters more than narrative, and the trend remains down.

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