ChatGPT was released in late-2022 and almost immediately ignited a capex surge reminiscent of the late-1990s. Spending by the top three hyperscalers had increased steadily from 2017 but then rose by an eye-popping 53% in 2024 with the trio forecasting a 27% increase in 2025. Similar to the internet boom, capex is soaring even though it is unclear when there will be a return to the massive amounts of capital being invested.
