J.P. Morgan ran the numbers on the AI buildout: to clear a 10% return on current capital expenditure, the sector needs to generate roughly $650 billion a year in revenue. The actual run-rate is about $25 billion.
The five biggest hyperscalers — Amazon, Alphabet, Meta, Microsoft, and Oracle — will spend around $725 billion on infrastructure in 2026, with about three-quarters of that going to AI-specific buildout, according to No One's Happy. — Read the rest
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