AI capex could hit $1.6 trillion next year, says fund manager who sees more echoes of 1998 than the dot-com bust
THE SO WHAT
If AI capex really pushes toward $1.6T, the constraint for operators won’t be ‘is there compute’ but ‘who controls the financed capacity and on what terms’. Treat hyperscaler AI buildout like you’d treat a new utility monopoly — map your dependency, pricing power exposure, and where you can realistically negotiate or diversify.
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