Cap Ex Bullish?

Shouldn’t extreme cap ex numbers be bullish for economy? All the biggest companies in the world are deploying their huge cash hoards more than they ever have. The last decade we relied on government infrastructure and defense spending to stimulate our economy now we are finally getting that spending from the private sector. This capital is being spent on physical data centers, power plants, chips, natural gas, copper, steel, and other physical structures. This will transfer money previously not doing anything back into the real world economy. It will go to electricians, mechanics, oil field workers, mine workers, laborers, etc. This money will go into 401ks of working people, small businesses, and the paychecks will be spent on everything else in daily life. This should increase dollar velocity in the real economy at the beginning stages. Then as these expenditures will return capital back to shareholders exponentially. Even the companies not spending extreme amounts in this field the Walmarts, McDonald’s, Home Depot, etc will buy the software and become more efficient and more profitable. The world seems like it’s in a very fragile place but I don’t see how we are not extremely bullish.