WHY THE AI CAPEX BOOM IS JUST BEGINNING I believe there are two verticals still wildly misunderstood: cloud infrastructure and the AI deployment layer. Everyone’s trying to call the top -- but what if we’re nowhere near it? The bear case goes like this: hyperscaler growth will taper, AI capex will fade, and cloud is “maturing.” But here’s the truth -- 85% of global IT spend is still on-prem. And yet $AMZN AWS just did $123B, $MSFT Azure $75B, and $GOOGL Cloud $49B over the past year. That’s not saturation -- that’s the early innings of migration. And this isn’t just about training LLMs. It’s about every enterprise app going AI-native. Every workflow, every vertical, every user interface will need low-latency inference, secure data pipelines, and orchestration layers that simply don’t run on legacy infrastructure. It runs in the cloud -- and it runs on clouds built for AI. So no, I don’t buy the “capex cliff” story. Not when we’re staring at a $2T+ cloud market that’s still mostly untapped. Not when enterprises are just beginning to fine-tune models and deploy agents into production. And not when new AI-native workloads are being born every quarter. The cloud is the foundation of the AI economy. And we’re only getting started.