There's this recurring argument—seen it from folks like Yud—that AI infrastructure spending is somehow competing with other investment options, as if companies are making tough choices.

But here's what the actual numbers show: look at the hyperscale players like Alphabet and Microsoft. Before the AI boom, they were barely touching their capex budgets relative to what they were pulling in as free cash flow. Mountains of cash just sitting there.

So this whole "opportunity cost" narrative? Doesn't really hold up when you've got tech giants swimming in liquidity and historically underspending on infrastructure. They're not choosing between AI and something else—they're finally deploying capital they already had piling up.