The most important AI chart: recycled capex now ~80% of AI ecosystem revenues
menhguin · x · 2026-10-20
A widely shared chart from Dario Perkins distinguishes AI ecosystem revenues into "recycled capex" (spend circulating inside the ecosystem) versus "external" revenue from the real economy. The chart shows total AI ecosystem revenues climbing toward $100bn while the external share keeps shrinking — recycled capex now makes up roughly 80% of the total. The poster argues external revenue is the only metric that matters for the boom's sustainability, and it's declining as a share.
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