Beneath the headline noise of a Q1 2026 beat and raised guidance, the critical insight for Tempus AI lies in a structural tug of war between an accelerating data moat and a currently elevated cost structure. The market is focusing on the 36% year over year top line growth to $348.1 million. The true alpha driver is hidden within the unit economics of the Data and Applications segment. This division is actively shifting the company from a traditional diagnostics provider to a recurring revenue he