Bob Elliott
· Nonconsensus
· April 30, 2026 at 10:54
· ⏱ 5 min read
| Read on Substack ↗
Summary
The author observes that recent hyperscaler earnings demonstrate that massive AI-related capital expenditure is still only generating marginal growth in real-world economic activities like advertising. This suggests a disconnect between the market's focus on AI and its tangible, broad economic impact so far.
•Recent hyperscaler earnings show AI-related capex is delivering only marginal incremental growth benefits.
•The impact of AI investment on end real economy activities, such as advertising, remains limited.
•The market's perception of AI's dominance in the economy may be ahead of the actual economic data.