Hyperscaler AI Capex Surge & Overflow to DePIN

Amazon, Microsoft, Alphabet combined AI spending reaches $725B for 2026. Meta's $145B capex and cash flow strain (91% FCF collapse) push overflow demand to DePIN networks. Verizon-Google $1B dark fiber deal further confirms massive buildout. Inference now 2/3 of AI compute demand, shifting focus for DePIN. New risk: InP laser shortage could constrain data center buildout, potentially accelerating overflow.