Show-Me Time — Crunch Hour for the Other Five of the Mag 7

A thesis read for the first night of the show-me window — companion to this morning's Morning 10, which has the tape and the four-print calendar. This is the frame behind it.

The market stopped paying for ambition

For two years the AI trade rewarded a story. Announce the datacenter, name the model, raise the capex line, and the stock followed. That reflex is gone. The market has quietly switched from paying for AI ambition to demanding a credible path to monetize the spend — and the tape has already handed out grades, well be…