The number that surprised me wasn’t the \~$750B in capex. It was capex getting close to 100% of operating cash flow.
These companies used to be able to fund huge investments internally without really stressing the balance sheet. Now debt is becoming a much bigger part of the equation.
AI demand still looks strong, so I’m not really in the “this is 2000 all over again” camp.
But at some point the market probably has to care more about ROI and free cash flow than how many GPUs/data centers they’re building.
Curious which hyperscaler people here think is handling this best.