What distinguishes the perspective of long-term investors from that of short-term holders regarding a stock?

**Short-Term**

Short-term investors typically focus on immediate **Free Cash Flow (FCF)** and quarterly margins?

**Strategic Moats**

For a forward-looking investor, the massive capital expenditure (Capex) isn't just a cost; it's a "moat" that prevents smaller rivals from competing?

For a 3–5 year investor, the current "Capex War" represents a shift from high-margin software to a more capital-intensive "industrial AI" model. While short-term traders often panic over massive spending, long-term potential is increasingly defined by who controls the underlying infrastructure and efficiency.