11AM Hour: Microsoft Copilot EVP, Guardant Health CEO & Costco Jumps on Earnings 9/25/26

AI infrastructure, regulation, and enterprise-agent competition (Microsoft, Anthropic, Meta) are reshaping corporate strategy faster than markets or regulators can adapt.

• Citi's AI outlook: Heath Terry says Meta's Muse is a 'game changer' aggregation-layer threat to subscription businesses, and expects a data-center CapEx 'reset' as towns push back on projects like an 800-acre Bessemer, Alabama site under NDA.
• Copilot reboot: Microsoft EVP Jacob Andreou unveiled a unified Copilot app (Cowork, Code, Autopilot) to rival Anthropic's Claude and OpenAI, shifting from flat subscriptions toward usage-based billing; only ~7% of 450 million Office 365 seats pay for AI today.

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