AI Capex Passes Railroads as % of GDP, but Demand 'So, So Early' — State of Markets
gerardsans · x · 2026-10-05
David George's State of Markets pt 2 (with a companion podcast) frames tech as the 'everything cycle': AI datacenter buildout has now passed railroads as a share of GDP — 'the factory (or the datacenter!) is the product' — while demand-side diffusion remains 'so, so early,' with median AI vendor spending in the top 1% of companies still low. Quoting the thread, another commenter argues the AI agents narrative mainly justifies historically massive valuations that fall flat in day-to-day use, echoing months of bubble warnings from China, the UK, and the US.
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