Three months ago, during the last Big Tech earnings season, Unhedged tried to explain the differences in performance among the big techs (Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, Tesla). We concluded that the picture was pretty simple: the market likes revenue growth. “Grow sales . . . stock goes up. Occasionally the market is a pretty simple beast,” I wrote. This is the view that, for all their unimaginable size, the big techs still trade like start-ups. Investors want to see world domination (for which sales growth is a proxy) and are happy to worry about profits later.