Jordi Visser: Your Capex is My Opportunity: The AI Capex Cycle Has Replaced the Old Economy Business Cycle

https://ai.22vresearch.com/

The market continues to rally despite the Iran War and the look of an “AI bubble” because the underlying earnings story is still accelerating. AI is no longer just lifting a handful of tech stocks; it is driving GDP growth, EPS revisions, margins, semiconductor demand, industrial backlogs, hyperscaler cloud commitments, and the next leg of capital spending. The key point is that the old consumer/industrial business cycle framework is no longer the right lens. Instead, the market is moving through a new AI business cycle: early cycle is semiconductors, advanced packaging, optical fiber, and rack infrastructure; midcycle is power, data centers, chemicals, energy, and physical buildout; late cycle is applications, agents, humanoids, and broader productivity...