Hyperscaler AI Capex Spooks Market; Alphabet/Tesla Disappoint; NVIDIA Supply Deals Provide Counter-Narrative

Alphabet and Tesla earnings disappointed on AI capex and negative FCF, triggering selloff. Google Cloud revenue $24.8B (+82%) but $200B spending plan raises ROI concerns. NVIDIA announced $1B Korea AI factory with Brookfield/NAVER and $500B HBM deal with SK Hynix, challenging bearish capex narrative. Citi raised S&P 500 target to 8,100 but downgraded tech to neutral, overweight cyclicals. Next week's MAG7 earnings (Microsoft, Meta, Apple, Amazon) critical for AI ROI proof. A Seeking Alpha week-ahead preview confirms this.