The questions worth
carrying forward.

The Edge — Follow the money beyond the headline

The headline number is where an investigation starts. This edition follows three different paths: Microsoft’s company-wide FY2026 buildout through cash payments, unpaid equipment and new lease assets; NVIDIA’s historical Q1FY2026 H20 charge through inventory and purchase obligations, with later reserve releases kept in view; and Circle’s Q2FY2026 revenue through distribution costs, before operating expenses and other items. Read them in that order. Our recurring question is simple: what does this number measure, and what sits outside it?