https://ai-bear-ledger.pages.dev/Bearish research on AI economics. Evidence before conviction.https://ai-bear-ledger.pages.dev/features/ai-capex-bear-case-depreciation-cash/https://ai-bear-ledger.pages.dev/features/ai-capex-bear-case-depreciation-cash/An expensive buildout is a reason to investigate returns, not proof of a profitable short. Separate cash spending, accounting expense and the assumptions that would break the bearish thesis.Fri, 30 Oct 2026 00:00:00 GMThttps://ai-bear-ledger.pages.dev/features/microsoft-fy27-q1-operating-cash-flow-exceeded-property-additions-81c704c9/https://ai-bear-ledger.pages.dev/features/microsoft-fy27-q1-operating-cash-flow-exceeded-property-additions-81c704c9/For the three months ended September 30, 2026, Microsoft reported $58.000 billion in net cash from operations and $39.367 billion in additions to property and equipment. The $18.633 billion difference is a company-wide cash comparison; it does not identify AI spending or prove the investment will earn adequate returns.Fri, 30 Oct 2026 00:00:00 GMT