Hyperscaler capital expenditures are accelerating at an unsustainable pace relative to operational constraints including staffing, construction, power, and chip access.

"The Magnificent Seven collective of S&P 500 megacap stocks has committed $700 billion to AI infrastructure projects, marking a steep acceleration from the $400 billion spent last year. Along with meeting new power demands, accessing chips, and winning permits, the bottlenecks that could stand in the way of Wall Street leaders living up to their lofty valuations appear narrower than ever."