Post
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哈达Hada-BNB
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Large tech companies are undergoing a fundamental transformation, shifting from asset-light to asset-heavy business models.
Capital expenditure as a share of revenue has hit record highs across the board:
-Meta: 43%
-Microsoft: 39%
-Google: 34%
-Amazon: 27%
The result: all four companies have undergone valuation resets, and their current valuation multiples are lower than they were a year ago.
Capital expenditure as a share of revenue has hit record highs across the board:
-Meta: 43%
-Microsoft: 39%
-Google: 34%
-Amazon: 27%
The result: all four companies have undergone valuation resets, and their current valuation multiples are lower than they were a year ago.
