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• The Future of AI Infrastructure: Where the Economics Accrue, 2026–2031

  Why the next AI winners may sell electricity, cooling and networking, not GPUs: hyperscalers vs. neoclouds, grid bottlenecks and a five-year framework.

  Markets · 2026-11-08

• Alphabet Looks Cheap at 15x Earnings. Its Cash Flow Tells a Different Story

  Two quarters of negative free cash flow, capex up 114% in a year, and a P/E flattered by $79B of non-operating income.

  Markets · 2026-11-08

• Hyperscalers Are Spending $492B a Year on Capex, and Free Cash Flow Has Fallen to $42B

  Microsoft, Alphabet and Amazon's AI buildout is eating their free cash flow, while Nvidia collects. What the valuations say.

  Markets · 2026-11-08