🛢️ Oil fell, futures rallied, and Wall Street temporarily remembered how to smile.
Now comes the awkward part: explaining how several hundred billion dollars of artificial intelligence capital expenditure becomes cash flow.
The week begins with a relief rally, but the real capital allocation question is not whether artificial intelligence infrastructure will be built. It is who owns the power, who guarantees the debt, who signs the offtake, and who is left holding the depreciation.
Alphabet raised its expected 2026 capital expenditure range to between $195B and $205B, then lost nearly $294B of market value as investors questioned the timing of returns. Meanwhile, a…
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