Why Wall Street’s Capex Boom Doesn’t Show Up in the Macro Data
[image of S&P 500 capex, S&P 500 capex yoy% growth] [image of US capex, US capex yoy% growth] Look at Wall Street and you’ll hear that corporate investment is booming. S&P 500 companies are reporting capex growth north of 20% year‑on‑year, driven largely by AI‑related megaprojects. Yet Federal Reserve data on private nonresidential fixed investment…