BREAKING
HSBC: Investors Return to Hyperscalers
0
%
May-June decline
0
bps
ROIC improvement
Combined Capex More Than Doubled
2022
150
2025
360
2026 Capex Outlook by Company
Amazon
200
Alphabet
180
Microsoft
120
Meta
125
Optimists vs Bubble Warnings
Bull Case
ROI
●
Robust cash flow
●
Ramping AI revenue
●
Profit within 24 months
Bear Case
Risk
●
Circular financing
●
Revenue-reality gap
●
Up to $8T by 2031
Cyclical Recovery, Debate Continues
AI NEWS BLITZ
HSBC strategist Max Kettner says investors are moving back into the big cloud operators.