Hyperscaler AI Capex Debate & Rotation; Cloudflare Earnings Add to AI Strength

Amazon +14.9%, Microsoft +15.5% validate AI capex. $1.5T market cap surge. Rotation from mega-caps to industrials/value underway. Amazon AWS growth reaccelerates to 37% with high margins, but $220B investment cycle raises return questions. MSFT backlog $678B (+84% YoY). AI VC split adds nuance. Cloudflare Q2 beat (36% rev growth) reinforces AI/cloud demand. Quality rotation ETFs and bank highs further support broadening.