AI capex is not a single-year P&L problem
Why 2026 probably brings digestion and remix, not collapse, and what that means for data center buildouts
When you read headlines about the AI capex boom, it can feel dizzying. The numbers are staggering: hundreds of billions in spending commitments, entire supply chains re-wired for GPUs and high-bandwidth memory, data center power demand outstripping cities. Then you see a tweet like Josh Wolfe’s, which compares that spending to the relatively modest reve…