80% of AI revenue = recycled capex, not actual consumer demand
The snake eating its own tail thesis is playing out in real time
Mega caps spending billions on infrastructure → selling picks and shovels to each other → calling it "AI revenue growth"
But where are the paying users?
This feedback loop breaks the moment capex slows down. And it will.
Watching $NVDA $MSFT $GOOGL closely here
The snake eating its own tail thesis is playing out in real time
Mega caps spending billions on infrastructure → selling picks and shovels to each other → calling it "AI revenue growth"
But where are the paying users?
This feedback loop breaks the moment capex slows down. And it will.
Watching $NVDA $MSFT $GOOGL closely here
