Ep. 20 — AI Receipts: Google Delivers, Meta Stumbles

The market finally asked AI to show the receipts. Google delivered hard cash, Meta got punished for promising spend without payback, and Microsoft learned that even triple-digit AI growth has a bar. Plus: oil whipsaws while energy stocks rally, and the yen move lights up gold.

Today's stories:

• Intro: “Evidence of dissatisfaction,” AI patience runs out, and why the market wants cash now, not vibes later.
• The Tape: AI fractures into winners and waitlists; Google prints, Meta stalls; AMD vs. Nvidia risk repricing; energy stocks rise even as crude fades; Apple pre-market pop.
• The Footnotes: Yen intervention boosts gold, Starwood freezes redemptions, private credit flexes with SpaceX, Petrobras output hits records.
• The Nerd Corner: AI only “works” when it hits your customer’s opex—why usage-based cloud revenue is the real ROI signal.
• The Calls: Scorecard, then fresh bets on QQQs, energy, and small caps.

The Calls:

• Tom: QQQs close ~1% red today.
• Ray: Energy ETF finishes up at least 1%.
• Alex: Russell 2000 closes down at least 1.2%.

New episode every weekday before US market open.
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