I was responding very casually, but was a bit taken aback by the snark response. I think we follow each other long enough to know that we aren't just going by "standard formula" without doing any work what's going on inside. But yeah maybe I should not be very casual in these interactions. Got it.

not saying you did, but it was hard to know what exactly you had in mind from the OP. Anyways, point well taken about the inflation component.

these are the numbers I had in mind. ROIIC may have fallen of course, but incremental return is definitely key debate among at least investors I interact with (but they may not be "market").

It’s mostly a massive shift for MSFT, right?

Google and Meta have been capital intensive for a while now even before this recent capex spree. Apple remains capital light. And as you point out, capex is Amazon’s modus operandi.

Sir, they are "regu-earlyyyyyy"

this was my 53rd Deep Dive. Access the full library here (including excel models): mbi-deepdives.com/models/

Read the full Deep Dive here: www.mbi-deepdives.com/orcl/