AI Infrastructure
Every TraderMagz research note on AI Infrastructure — thesis, what is priced in, and the live terminal state.
Who Pays for AI? Microsoft, Alphabet, Amazon and Meta
The four biggest buyers of AI hardware plan to spend roughly as much on data centers this year as their businesses bring in. All four have now reported the September quarter. Microsoft is still paying its own way, Alphabet and Amazon are now burning cash, and Meta is spending on faith. We rank who is getting paid back, and show what each share price already assumes.
Following the AI Capex Dollar: Where $100 Actually Goes
Markets trade "AI capex" as if it were one ticker. Split an illustrative $100 of hyperscaler spend and half is semiconductors, a fifth is power, and more than a third is the physical plant (power, cooling, and buildings). The investable question is which bottlenecks stay scarce after the GPU headline cools.
AI Infra Dips — Astera Labs, Nebius, IREN
Hyperscaler CapEx is still the tide, but the non-GPU sleeve got sold with the GPU complex. We separate Astera’s profitable connectivity franchise from Nebius and IREN — where the drawdowns look more like dilution and delivery debates than vanished contracts.