Is AI a Bubble? What the 2026 Capex-to-Sales Ratio Actually Shows
TL;DR — The five biggest US hyperscalers will spend $660–690 billion on AI infrastructure in 2026 — nearly double 2025 — pushing their capex-to-sales ratio to roughly 34%, already above the 32% peak hit at the height of the dot-com bubble in 2000. Bulls point to real, fast-