The Capex Split: What Microsoft and Meta on One Night Teach About Single-Name Dispersion
In a single after-hours window, two megacaps split hard on the same theme: Microsoft rewarded for AI spending that visibly returned cash, Meta punished for spending that ate its margins. It is the cleanest illustration of single-name dispersion you will get, and for anyone trading the index those two names sit inside, it is a lesson in why earnings season is a specific and underappreciated hazard.