I have an obvious but different perspective on the article...

Currently, hyperscalers are growing revenues at an impressive annual rate (~20%), which comfortably covers current annual CapEx. While traditional cloud services still drive a large share of this growth, AI services are becoming an increasingly material contributor. So far, so good.

However, the real question is whether a market actually exists to sustain this CapEx spending at scale relative to revenue growth. The current CapEx growth rate (~50%+ year-over-year) has already outstripped revenue growth, and no one truly knows where the trillions in required future revenue will come from.

If this projected revenue growth fails to materialize, tech equities face severe re-rating risk, given that current stock valuations have already priced in these best-case expectations. A market crash unless a real market is discovered.

In summary, nothing new—perhaps just another red flag.