AI Capex Durability Debate Intensifies

Nvidia's $750B data center spend and circular financing concerns, Big Tech earnings split (MSFT/AMZN convert capex to revenue, META/GOOGL punished), $1.7B backlog concentration on OpenAI/Anthropic. Market skepticism on demand durability despite strong chip exports and HBM sold out through 2027. Server competition heats up as Dell faces margin pressure from SMCI/Quanta in AI infrastructure, with analyst price target cuts.