Today’s earnings exposed a sharp split between physical AI infrastructure and software: power and storage suppliers locked in customer demand through 2031, but the physical cost of scaling factories and working capital triggered double-digit stock drops while software and automation froze headcount.
- Western Digital (WDC) and Bloom Energy (BE) fell over 12% as cleanroom bottlenecks and unbilled milestones drained cash.
- Spotify (SPOT) rallied 10.6% after peaking R&D spend without adding staff and selling internal AI coding tools externally.
- Newmont (NEM) used $7.3B in nine-month cash flow for massive buybacks as silver and copper credits masked rising diesel costs.
Across sectors, net-cash balance sheets are funding billions in share repurchases even as physical manufacturing bills climb.
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