Microsoft Just Changed the AI Math

July 30, 2026 – Microsoft surged after earnings, Amazon rallied, Meta stumbled, and the market celebrated another wave of AI optimism. But beneath the headlines is a much bigger question. Zach Abraham and Chase Taylor examine what Microsoft's results actually mean, why extending data center depreciation schedules caught their attention, whether Wall Street is properly valuing AI infrastructure, and why long-term Treasury yields may still matter more than the latest earnings beat. They also discuss Japan's currency intervention, bond market signals, commodities, and why markets often look strongest just as investors stop asking the hard questions.