Bob Elliott
· Nonconsensus
· June 30, 2026 at 10:48
| Read on Substack ↗
Summary
The article argues that the massive capital expenditure on AI infrastructure by mega-cap tech companies will generate poor returns ('shit returns'), implying a bearish outlook on the sustainability and profitability of the current AI investment cycle.
•Daily news reports highlight extraordinary AI infrastructure capex, with most mega-cap tech firms spending heavily.