Stock down 25% this year, and the layoffs don't even move the needle anymore. Thousands of cuts, maybe up to 30k, and the stock actually popped 6% on the news. That tells you everything - market sees it as cost control, not a red flag.
What actually scares me is the debt. $124 billion and climbing. Credit default swaps at all-time highs. Free cash flow negative $24 billion. And now Pimco's trying to offload $14 billion of Oracle data center debt before the deal even closes. When the big money wants out, I pay attention.
The AI backlog is massive, $553 billion, but that's just promises. Cash flow is the problem, and it's not getting fixed by firing people.