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AMZNMSFTGOOGLBULLISHCore thesis · 5/5

Hyperscaler AI CapEx to accelerate into 2027

The thesis presented was that hyperscaler capital expenditure on AI will accelerate in 2027, growing faster than the 75% expected for 2026, driven by extremely attractive returns on invested capital.

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NOT INVESTMENT ADVICE · A SUMMARY OF WHAT WAS SAID ON THE PODCAST · VERIFY AGAINST THE SOURCE