$725B AI Capex Arms Race: If AI Is “Crashing,” Why Are Big Tech and SpaceX Raising to Build More Compute?

People keep saying AI is overhyped... meanwhile hyperscalers are printing **$725B** in AI capex this year. Capex ramp looking like this 👇 https://preview.redd.it/9fib3texni5h1.png?width=1000&format=png&auto=webp&s=d325a555c0336fdd7cd72a5813e4c7b858be3753 My related shovels positions riding it: NBIS (ex-Yandex AI cloud) + 2x leveraged NBIL. https://preview.redd.it/bzbg10iyni5h1.png?width=1806&format=png&auto=webp&s=8ecd69112fe8306268088339d218dd5f01321dba https://preview.redd.it/heprsyfzni5h1.png?width=1838&format=png&auto=webp&s=8387850bf127922a894b62d5a2f8604b2e8a5cae Still up decently despite today's red dildo. Diamond handing the infra play while everyone obsesses over apps. Who else is in the shovels? NVDA, SMCI, VRT, AVGO, etc.? Or am I the only one not scared of leverage on this ramp? 💎🚀 That is why, regardless of who ultimately wins the AI race, these AI “shovels” are gonna keep making money for years while this develops. The hyperscalers may fight each other, overbuild, or consolidate around a winner, but the capex still has to flow through GPUs, custom silicon, networking, servers, power, cooling, data-center construction, and integrators. I’m tracking the public names here: [Live AI Capex Takers / Shovels Watchlist](https://docs.google.com/spreadsheets/d/e/2PACX-1vSgTH0Ky-xssZT5N50e41YTZAF9xRPQsZpnb8_5gh8QWWhEz3kuthlRc9ecEyCwqWN57yJn1KXufOOZ/pubhtml?gid=795070388&single=true)