Companies demonstrating resilience against workforce and operational constraints will outperform peers that overcommit to unsustainable capex expansion.

"It's becoming increasingly clear that the boom cycle surrounding the industry is giving way to companies that can demonstrate a higher level of resilience against ongoing market concerns. As investors become more wary of companies overpromising their AI buildout, the current high-tech earnings season for Q2 2026 could help to uncover those who are continuing to balloon their capex to levels that the workforce can't keep up with."