On capex, I don’t see a bubble — I see barriers forming. Despite concerns around $Meta Platforms, Inc.(META)$ and $Microsoft(MSFT)$ , the key takeaway is unchanged: demand exceeds supply, and constraints are real, not cyclical excess. To me, this looks like early-stage infrastructure buildout rather than late-cycle overinvestment.
For the $725B spend, I still favor the infrastructure layer like NVIDIA. Efficiency gains won’t kill demand — they expand it. This looks like a narrative-driven pullback, not a structural shift.
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