The AI Capex Reckoning
Hyperscalers are committing $700B in 2026 and over $1T in 2027. Three scenarios for how this plays out — and why the sustaining capex embedded in the buildout makes the bear case worse than the market is pricing.
View report →S&P 500 dynamics, historical analogues, forward scenario analysis, and macro market commentary.
Hyperscalers are committing $700B in 2026 and over $1T in 2027. Three scenarios for how this plays out — and why the sustaining capex embedded in the buildout makes the bear case worse than the market is pricing.
View report →Four historical analogues — 1990 Gulf War, 1998 Russia/LTCM, 2018 Trade War, 2011 Debt Ceiling — mapped against the 2026 drawdown with 12-week forward projection paths and scenario cards.
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