🧭 Capex Gravity Keeps Rising Morgan Stanley keeps lifting the capex bar for the big cloud names, and to me that says this AI buildout still has more runway than the market wants to admit. This isn’t just spending; it’s a race to secure compute, power, and relevance before the next wave of demand arrives. ⚖️ The bull case is straightforward: sustained capex confirms real infrastructure pressure, not just narrative vapor. The bear case is equally real: every extra dollar poured into data centers is a dollar that has to earn its keep later, which can squeeze free cash flow and expose who overbuilt. My lean is that the market still underestimates how long this arms race can stay hot, but also how messy the margin math may get on the way. 👁️‍🗨️ The sharp takeaway: this looks less like a one-quarter spike and more like a structural capex regime shift, and that changes how investors should think about the whole risk cycle, including BTC and ETH. ⚠️ Personal analysis only. Not financial advice. DYOR. #AI #Capex #Crypto