Microsoft and Alphabet's lower-than-expected quarterly capex was largely due to third-party infrastructure and delivery constraints, not a lack of demand. The bottleneck isn't demand itself, it's getting enough infrastructure online to meet it. $NVIDIA(NVDA)$ and $Taiwan Semiconductor Manufacturing(TSM)$ are running at full capacity and still struggling to keep up with surging AI demand. The demand is there, the industry just needs more supply. That's a powerful long-term bullish signal.
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