This is a good chart that shows historical CAPEX spending. Hyperscalers have been through a couple CAPEX cycles like this, they all know what they are doing.

https://eco3min.fr/en/big-tech-capex-revenue-ratio-quarterly...

Thanks for sharing. Agreed it's a good chart. But I draw a different conclusion. M$ looks pretty iffy: capex/revenue 10% -> 37% in the last 5y, scary trajectory.