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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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...
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• AI, Oil and Interest Rates drove markets in June• Growth remained resilient in June• AI-related investment themes continue to evolve as companies increasingly report...
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