Zortix matched this thesis to Technology ETFs as the exposure the bearish case argues against, most actionable for readers who already hold them. Not a recommendation.

Hyperscaler CapEx boom pressures their multiples

The case was made that the massive, sustained capital expenditure required for the AI 'space race' should lead to a multiple de-rating for the mega-cap tech hyperscalers, as they transition away from capital-light business models.