Josh Stevens says the stock market is focused on "getting the formula right" when it comes to CapEx. He points to Microsoft (MSFT) as a company he believes fits the bill, making the case that the Mag 7 company can use its enterprise muscles to fuel broader AI strength and capital discipline. When it comes to credit risks, he sees neoclouds like CoreWeave (CRWV) at more significant risks due to their added reliance on macro strength. Josh names Salesforce (CRM) as a company he sees with more upside ahead.