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The hyperscaler capital expenditure index rose to approximately 6800

PANews October 26 According to Jin10 Data, the artificial intelligence boom has fully entered the infrastructure construction phase, triggering one of the largest waves of corporate investment in recent years. As shown in the chart, as large hyperscalers actively invest in chips and data centers, their capital expenditure growth has exceeded free cash flow growth. However, 20 the late [century]90 telecommunications boom provides a cautionary lesson: investment expands capacity, and capacity expansion may shift scarcity and economic rents to other areas of the ecosystem. Understanding what new constraints may emerge in the future may be no less important than identifying the beneficiaries of the current cycle. Data as of June 30, 2026. The chart shows the quarterly cumulative growth of hyperscaler capital expenditure and free cash flow, as defined by FactSet, in millions of USD, both measured from the chart start date December 3, 2011...