The S&P 500’s New Capex Super‑Cycle: How AI Is Rewriting the Playbook
[image of S&P 500 capex and S&P 500 capex yoy% growth] For years, investors obsessed over buybacks and dividends. Now a different line on the cash‑flow statement is stealing the spotlight: capital expenditure. AI is turning S&P 500 capex into a full‑blown super‑cycle. Big Tech is leading the charge. Estimates suggest that the largest AI and…