Dec. 2 at 1:17 PM
$CRDO $SPY $QQQ I see the community pointing to the "picks and shovels" layer of the AI capex infrastructure build out and saying:
"AI growth story still alive and well"
Those that are selling GPU's, building datacenters, power turbines, and building out the backend connectivity are a function of capex spend.
Its like pointing to steel stocks during the railroad boom or blue Jeans
$LEVI during the california gold rush.
Once hyperscalers and others pivoted from financing AI capex with debt versus free cash flows. The narrative got tested.
$STUDY
Everyone who invests in AI won't be a winner.
How long we run is entirely contingent on finding new financing. Some are diluting their own stock, Vender financing, and debt issuance.
When investors appetite soars or investors start pulling money out of markets then the party is over.
Which will likely all be hindsight.
