I've been reflecting on the current AI race and the massive structural shift it's demanding from the largest tech companies (Mega-Caps).
Historically, we know is giants (Alphabet, Microsoft, Meta, etc.) was their "asset-light" business model. They produced software or digital platforms with incredibly high gross margins and infinite scalability at a near-zero marginal cost.
However, Generative AI is forcing a drastic shift toward an "asset-heavy" model. We are witnessing historic CapEx spending to build physical infrastructure: mass GPU acquisition, massive data center expansion, and even direct investments in power grids (like nuclear energy).
My question who is truly in a position (strong balance shit) to sustain this insane level of CapEx?