Something massive is happening in tech spending right now.

The Information Technology sector in the S&P 500 just hit a capital expenditure-to-depreciation ratio of roughly 1.94 — that's a two-decade record. What does this mean? Companies are pouring cash into new infrastructure and assets at a pace we haven't witnessed since the early 2000s.

This isn't just a number. It's a signal that Big Tech is betting heavily on the future — whether that's AI infrastructure, cloud expansion, or next-gen hardware. When CapEx accelerates like this, it usually reshapes competitive landscapes. The question now: who's positioned to benefit, and who gets left behind?