Mike Wilson
👤 SpeakerAppearances Over Time
Podcast Appearances
Is the market enforcing discipline on the AI spenders, which then trickles down into the CapEx beneficiaries?
But we think this is going to happen.
The money's been raised now.
The debt markets are now involved.
So that money's not going to sit on these balance sheets.
It's going to be spent.
The question is, what's the payoff look like, and what's the timing of that payoff?
We think we'll see some of that in 2026, 2027.
And so now it's just this transition.
You're kind of trading back and forth.
So I want to make it clear.
We think there's a broadening out.
That doesn't mean that all the AI stuff gets killed and everything else does really, really well.
It can work in harmony.
In fact, it needs to work in harmony to some degree.
Well, look what's been going on, right?
So we've seen a massive bifurcation or dispersion in the performance of not only the hyperscalers but names within that.
To me, that's healthy.
Not everybody's going to win.
There's no trophies here.