AI & the Capex-Revenue Ledger

AI-related capital spending has tripled in five years — and it is still accelerating. Five balance sheets now carry roughly 30% of market-wide capex, and the market has come to depend on it.

In our latest research paper, “AI & the Capex Cycle,” we examine what history says about heavy spenders, what returns the outlay requires, and how much margin of safety remains if the cycle normalizes.

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A businessman in a blue suit pointing at a glowing, digital microchip interface featuring a money bag icon, surrounded by circuit board lines and financial symbols against a blurred, dark blue technology background.

AI & the Capex Cycle

Is the AI spend cycle a massive opportunity—or a mounting risk? AI-related capital spending has tripled over the past five years, with just five balance...
Read More