Capex Skepticism Persists

Investors continue to focus on the cost of training, serving, and distributing Gemini 4 Argon rather than the benchmark gains. The stock remains under pressure as buy-side models assume higher depreciation and data-center costs will offset near-term AI revenue upside.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.