Two Raises, One Rule

The read for the morning after the verdict — companion to today's Morning 10 and to the study we published this morning on Samsung as the build-out's breadth position, The Breadth Discount.

The dichotomy the week was waiting for

Microsoft reported fiscal fourth-quarter revenue of $90.0 billion against an $87.6 billion bar and rose about 8% after hours. Meta grew revenue 28% to $60.8 billion — also a beat — and was sold: earnings per share of $6.18 under a $7.13 bar, operating margin down from 43% to 31%, and the 2026 capex floor lifted to $…