The CapEx Trap: Capital Efficiency in the AI Era (Part 2)

In Part 1, I argued that AI breaks the traditional SaaS finance model by flipping a core assumption: infrastructure now comes before revenue, not after. Once you see this shift, the main question is: If capital is committed upfront, where does the cash actually go — and who ends up carrying the risk? To answer that, you have to follow the cash. Today, in the AI era, money leaves the system faster…