$400 billion in combined AI spend from Amazon and Microsoft, and the market reaction was a shrug.

Two things are true at once:
> capex is scaling faster than almost any infrastructure buildout in tech history
> investors want to see the revenue that justifies it
The gap between "we are building it" and "it pays for itself" is exactly where patience runs out.
Every hyperscaler is making the same bet, at the same time, on the same timeline.