Josh Brown

Once Microsoft released Windows or Apple devised its Google search algorithm or Meta created Facebook, the cost of every additional user was tiny.

Even NVIDIA, which sells physical objects, outsources the actual manufacturing.

That was then.

This is now.

We have this chart.

This shows...

This shows the assets of these companies at the end of each quarter.

And nobody would mistake these for asset light companies anymore.

These are AI industrials, would be the way I would phrase it now.

The light blue is showing Q126.

And the dark blue is showing the corresponding quarter from five years ago.

And what you can see here is that the capital assets that these companies are carrying on their balance sheets are in every case twice as high.

Apple is not on this list, which is its own story.

So these are basically the hyperscalers plus meta, which thinks it's a hyperscaler.

Jeff Bezos was calling AI an industrial bubble.

Not in a bearish way.

He said the winners will win big and society will benefit, LOL.

But the overall return on all the money being spent today probably won't be great.

What do you think about this idea?

And do you think, oh, and then they did one more chart.