Before Big Tech earnings print: Why the $700B cloud infrastructure cycle is the only thing that matters right now and MSFT **MSFT** is nearly flat over the last 1 years. However, this sector is obsessing over the market more than ever. Every time **AMZN** or **GOOGL** reports earnings, the exact same question pops up. Is pouring all this money into AI infrastructure actually going to generate a return? I keep watching this space because the narrative has fundamentally changed. We are no longer talking about a software cycle. Cloud is now a massive, capital-intensive utility cycle tying together power, chips, networking, and physical data centers. Hyperscalers are on pace to spend nearly $700 billion on AI infrastructure in 2026 alone. The underlying numbers are staggering. The global IaaS market already hit $171.8 billion back in 2024. Now that AI inference is moving into live production alongside training, the demand for GPU instances, storage, and high-bandwidth networks is hitting all at once.…