Railroad buildout ran at 1.5-2% of GDP for 60 years — AI capex only hit that level this year
toptickcrypto · x · 2026-10-07
An X thread compares capex cycles: telecom overbuilding lasted 3 years, housing 3-4, while railroad buildout averaged 1.5-2% of GDP for about 60 years — the AI buildout only reached that intensity this year. Takeaway: each cycle is unique; apply first principles and update priors aggressively.
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