How do you respond to critics who argue that Big Tech hyperscalers are degrading their balance sheets with unprecedented AI capital expenditures?

Accelerating capital expenditure by hyperscalers like Microsoft and Amazon represents high-return growth investment rather than balance sheet deterioration. Unlike capex forced by commoditization, these investments are directly responding to overwhelming, structural customer demand for computing power. Because these companies possess fortress cash flows and the ability to price compute services profitably, frontloading infrastructure spending expands their economic moats and produces attractive long-term returns on invested capital.