CMC Asset Watch: this week, beating expectations wasn't enough. The AI buildout has split the market into two camps: who pays for it, and who gets paid. The payers struggled. Alphabet fell 5.21% despite 23% revenue growth, punished for capex guidance up to $205bn, negative free cash flow and $25bn of new debt. Apple and Amazon slipped too The suppliers won. That money lands on someone else's revenue line: Samsung +16.0%, Nanya +12.4%, TSMC +3.7%, as Samsung's own DRAM prices rose in the mid-40s percent on the quarter, with NAND up in the high 60s. But the market is not only pricing on today’s revenue. Western Digital grew revenue by 44% with much fatter margins, and still fell 12.53% on weak guidance. Seagate, same demand, gained 4.84% as investors pricing in higher revenue margin going forward. This is supported by Seagate’s 44TB HAMR being widely used at data centers. The outlier: SpaceX, +34.99%. On August 6 it freed up 911.5 million shares, more than its entire IPO. Everyone expected a crash. It rallied instead, as short sellers were forced to buy back.