[https://am.jpmorgan.com/us/en/asset-management/institutional/insights/market-insights/eye-on-the-market/outlook-2026/](https://am.jpmorgan.com/us/en/asset-management/institutional/insights/market-insights/eye-on-the-market/outlook-2026/)
"Of the four risks to the moat, this is the most immediate. Since Q4 2022, the four hyperscalers have spent $1.3 trillion on capital spending and R&D, much of it related to generative AI. Will all this investment eventually result in commensurate profits? If not, moat companies could face a version of the Metaverse reckoning that took place in 2022 when the Mag7 stocks fell in half."