AI Capex in Mid-Cycle Boom, Says Morgan Stanley’s Shalett
THE SO WHAT
If AI capex is in a mid‑cycle boom with bottlenecks shifting, the constraint for operators moves from “can I get GPUs?” to “can I underwrite power, data, and demand risk over a 3–5 year horizon?”. Treat every large AI buildout like industrial capex—tie it to specific revenue paths, not generic “AI strategy.”
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