The bottom line on the capex outlook, we’re early in the AI buildout. Three of the four hyperscalers hiked their AI spending outlook. I expect in CY26 will come in up closer to 80% vs. up Street expectations of up 64% going into tonight.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit deepwatermgmt.substack.com