A Time To Build, A Time To Tear Down: Who Is Creating Value In The AI Capex Boom And Who Is Destroying It?
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AI demand remains strong, but the capex boom is creating a growing divide within Tech. Hyperscalers combine superior margins, capital efficiency and financing capacity with multiple paths to monetize AI investment. Neoclouds rely more heavily on leverage and scarcity economics, potentially making them more vulnerable should capacity expand and compute pricing normalize.
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