Agree on the selectivity read — today sharpened it. PANW beat rev/EPS, raised FY27 and drew 10 PT raises, yet closed -9.3% (worst 2-day drop in 30 months) on ARR deceleration (63% to 22-23%) and GM compression. DELL, where AI revenue converts to cash flow (rev +58%, guide raised), was bid +8%. The market now pays for hard AI-infra revenue, not software guidance beats.