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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