The Infrastructure Supercycle: Why AI Investment Isnt Dotcom 2.0

$800B+ invested in AI infrastructure over 3 years. Was it another bubble? Three structural differences say no.

Difference #1: Seamless Adoption

5B+ users gained instant access. No infrastructure-demand lag.

Difference #2: No Dark Compute

Even 6-7 year old GPUs run at 100% utilization.

Difference #3: Cash-Flow Funded

Hyperscaler capex = 2/3 of operating cash flow. Profits, not promises.

The Metric to Watch

Utilization rates, not deployment volumes. The buildout continues until utilization declines.

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Read the full analysis on The Business Engineer.