🔴The CapEx-to-revenue ratio of technology stocks in developed markets has reached 11.5% — the highest level in history.


Meanwhile, the rest of the market is only around 7.0%. AI is officially no longer a short-term market craze but has become the largest infrastructure investment cycle in history.
Big tech is spending on infrastructure at a scale far beyond traditional industries.
The profits of the internet era are being pumped back into the foundation of the AI era.
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