Trillions poured into AI capex, chasing future riches. The spending is now bleeding through financial statements — distorting book capital, warping reported earnings, inflating cash flow calculations.

This isn't just market noise. It's balance sheet reality. Companies are capitalizing hope, and the accounting consequences are piling up.

When capex becomes theology rather than investment discipline, you get exactly this: numbers that no longer reflect economic substance.

Worth watching how long investors tolerate deteriorating returns on this capital before the narrative shifts.