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Any delay in monetization or macro slowdown forces choices: cut capex, slow AI infra build-out, lean further into debt.
Equity multiple compression becomes more likely because free cash flow gets squeezed even if revenue grows.
Any delay in monetization or macro slowdown forces choices: cut capex, slow AI infra build-out, lean further into debt.
Equity multiple compression becomes more likely because free cash flow gets squeezed even if revenue grows.