Wall Street Is Beginning to Panic About Big Tech Capex

Over the past few years, a periodic topic that we have talked about in these essays has revolved around Wall Street’s evolving attitude to AI mania. On again, off again jitters found with AI-related capital expenditures (capex) in 2023 and 2024 led to an attempt to separate perceived AI winners from losers in the back half of 2025. While this winners versus losers mentality still stands as certain…