Tech is starting to look more like utilities and telecom: infra-heavy and capital-intensive If AI darlings used to trade on EBITDA, today they should trade on EBITDA – capex Hyperscalers are now spending 20–30% of revenue on capex (vs <5% pre-AI boom) on par with utilities and approaching what AT&T spent at the peak of the telecom bubble...(this time is different!) Watch depreciation closely - that’s where a lot of the accounting magic happens The returns on chips and data-center buildout won’t look like the returns from software. Hardware depreciates fast; software has near-zero marginal cost and a much longer shelf life Thank you for your attention to this matter!