"The important question to be asking is: How much of this CapEx build out is linked to true end-customer demand, and how much of it is being built in anticipation of future end-customer demand? This is the $200B question."
This is an amusingly incorrect question. It presupposes AI as if it was a technology like any other, which it isn't. It's deeply transformative. Money actually doesn't matter here.
AI is not for making money. Money is for making AI.
Unfortunately we are not in state of constant economy grow, now economy in recession and have great deficit, so money are expensive, so investments must be returned within short time interval, so need extremely high margins.
Question is, if people invent lot of things, totally worth about $1000B in just ONE YEAR, and now clearly seen less then 1/10 of this number.
Examples could be fully autonomous car autopilot, robot capable to replace 90% of building industry workers. They are possible, but not seen in ONE YEAR time frame.
ML is a technology very much like computers, the internet, smartphones and electricity. All highly transformative across all industries and society as a whole.
This is an amusingly incorrect question. It presupposes AI as if it was a technology like any other, which it isn't. It's deeply transformative. Money actually doesn't matter here.
AI is not for making money. Money is for making AI.