Microsoft and Meta are the two AI-heavy megacap stocks being pitched on May 18, 2026, as likely to show investor-visible returns from enormous data-center and model spending sooner than skeptics expect, thanks to Azure growth, Copilot adoption, advertising gains, and Meta AI rollout. That is the clean version of the bull case. The messier version is that Wall Street is being asked to value an infrastructure boom before the depreciation bill, power constraints, and product winners are fully...