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Microsoft's latest quarter showed $13.5B in CapEx, putting them on pace for $45B annualized AI infra spend by FY2026. That's already bigger than past hyperscaler cycles.
Bull case: enterprise demand could justify it.
Bear case: risk of overbuild if adaption slows.
Hard to tell if this is sustainable growth or another bubble forming.
How are you all positioning around AI infra bets right now?