No qualifying author-owned investment thesis was confirmed in this post.
The author explicitly states the post is for discussion and does not express a personal investment judgment or position on the asset.
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For discussion. Big tech are spending huge on CapEx. This feels like Big Tech are no longer Asset Light companies with High Margin. Instead, they are becoming Manufacturing Factories of Intelligence (AI). Data Centers are the Factories with high CapEx, and Intelligence is the product they produce. Magins will be lower due to Depreciation.
If Big Tech are acting like manufacturers, they may get priced like one. Manufacturers generally have low P/Es (Around 10s).
What do you guys think?