Good lord he really does just say the same thing for years

(never let politics affect your decision making when it comes to markets)

always impressive how quickly the explanations arrive after the move

finally, someone understands the brand

although, they do call me a super annoying arsehole bear on the way down too

There is another way to look at this... If capex growth were to slow, the reason will need to be determined. If hyperscalers stop spending because the demand and returns aren't there, I would agree. And that would be a problem well beyond the companies supplying the buildout... I’ve written recently about another possibility which is this - monetisation keeps improving while capex growth slows. So the same spending that shows up as revenue for a supplier is cash leaving the hyperscaler. Those businesses don't necessarily need the same outcome from here. Slower capex growth alone won't necessarily fix FCF especially if the absolute bill were to keep rising. But... if customers keep spending and the infrastructure already built starts earning a better return, the companies paying those bills could become a lot more attractive.

lordfed.co.uk/p/the-market-g… and here (this one is free)