Hyperscaler AI Capex Debate & AI Supercycle

Amazon +14.9%, Microsoft +15.5% validate AI capex. Apple -9.6% on supply crunch, Meta -8% on spending concerns. $1.5T market cap surge for MSFT/AMZN/GOOGL in one week. Fitch warns on AI credit risk. NVIDIA $250B OpenAI plan. Kioxia 45x profit. AI vs dot-com bubble analysis. Rotation from mega-caps to industrials/value underway. New article 'Wall Street Is Rewarding AI Results' confirms market rewards results, not just spending. Leidos-CoreWeave partnership signals government AI demand.