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Hyperscale cloud providers are being revalued as more than compute resellers, as open-source and in-house mid-size models reshape their costs and could lift gross margins. Their Q3 results in mid-to-late October could be very impressive. Per Barclays, $35–40 of every $100 AI labs earn flows to AWS, Azure and Google Cloud as inference spend, at 35–45% operating margins, with stable share over two years. Rising long-term yields cap gains until the 10-year Treasury falls below 4.6%. x.com x.com
