AI Capex Was Supposed to Peak. It Didn’t.
The trend is your friend
Setting aside the latest WSJ overnight on Nvidia’s $100bn OpenAI investment wobble, the relentless AI capex uptrend continues to be semis’ best friend. Hyperscaler spending has been revised higher again, positioning is at record extremes, and semis remain the main event, even as credit markets quietly start asking who eventually pays the bill.