Hyperscaler Capex Just Reset the Cycle: What Google and Amazon’s Guidance Really Signals
In my earlier piece on how hyperscaler capex is shaping the next market cycle, I argued that AI infrastructure spending is becoming one of the most important macro signals to watch. Over the past week, Alphabet and Amazon effectively doubled down on that thesis. Alphabet’s Q4 commentary points to a “multi‑year” AI data‑center build‑out and…