Most of the Real Estate capex over the last few years has been in manufacturing real estate such as factories, or infra spending such as data centers.

Both those have value at a macro-level, and are largely a result of IIJA, IRA, and CHIPS act era subsidies, though CHIPS act adjacent spend was "AI-washed" which helped extend adjacent industries capex.

I've previously called out this kind of AI-washing as well [0] - it reminds me of the Telecom Bubble during the 1990s-2000s.

[0] - https://news.ycombinator.com/item?id=44069086