The AI capex numbers are getting hard to ignore, but I can’t tell what the market is missing

Been trying to wrap my head around the scale of AI spending right now and I honestly don’t know if I’m overthinking it or if the market is just fine with it The hyperscalers MSFT META AMZN GOOGL are talking about capex numbers that feel almost disconnected from how these businesses used to operate You’re basically looking at hundreds of billions going into AI infrastructure in a pretty short window MSFT is the one I keep coming back to because it’s the easiest to see in the numbers Azure is still growing fast no question there but the cost side is moving just as quickly Margins are getting pressure as more GPU heavy workloads come online and free cash flow isn’t really tracking the same way it used to What stands out to me isn’t that MSFT is broken or anything like that It’s more that the scale of investment is so large that I can’t really tell when it’s supposed to start paying back in a meaningful way Maybe that’s the point of this phase and I’m just thinking too linearly about it The stock itself is already well off highs valuation is not extreme and the growth is real So it’s not a simple short or anything like that I just keep coming back to the same question At what point does this level of capex actually translate into earnings power that justifies it and is the market even trying to price that in right now Could be missing something obvious here Maybe this is just how platform shifts always look early on Curious how others are thinking about the capex side of this Am I overfocusing on cost structure here while the market is still just rewarding top line growth