Welcome to the 40 new subscribers this week — we’re now 206 long-term thinkers.
Glad to have you here!
Ezra.
Stealing an idea from my friend Maverick Equity Research this edition is all about visuals.
And in a way, it works as a companion piece to my recent essay on the AI mania—where I argued that every technological boom is really a story about how humans react to accelerating change.
If that essay explored the narrative side of the cycle, this post looks at the evidence behind it.
The scale of capex, the shifting economics of hyperscalers, the power constraints, the geographic and sector winners, the capital loops between OpenAI, Microsoft, Nvidia and everyone orbiting them… When you see the data laid out, the magnitude of the moment becomes much clearer.
So today’s post is simple: 19 visuals that explain the AI boom better than a thousand takes.
Capex, returns, sectors, beneficiaries, risks—everything in one place.
Let’s dive in.
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Cheers to that, great charts for the win!
Great insights Ezra , thank you