CAPEX and Cash Flow: The Bull Case for AI Infrastructure Stocks
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The article argues that AI infrastructure 'pick-and-shovel' companies are better positioned than big tech firms to profit from the AI boom. With hyperscaler CAPEX spending projected to reach $515 billion in 2026, infrastructure providers like Nebius Group, IREN, Astera Labs, TeraWulf, and Cipher Mining offer stable revenues, high margins through GPU-as-a-Service models, and exposure to growing AI demand regardless of which AI platform wins.
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