But on the other side stands Michael Burry of Big Short fame, holding a magnifying glass over Microsoft's balance sheet and said: Show me the actual free cash flow.
Big Tech has racked up a huge USD 3 trillion in off balance sheet commitments, purchase obligations & construction projects.
Microsoft alone has tripled its uncommenced leases to over USD 300 billion.
If Microsoft is right, it will own the future AI infrastructure.
If Burry is right, we are watching a hyper inflated capex that may end up in a wave of asset write-offs by 2028.
Proceed with caution & don't expect capex to result in easy profits.
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