AJ Bell warns AI capex boom risks stalling if capital markets balk at funding needs
AJ Bell analysis flags rising downside risks to the AI capex boom as hyperscalers’ free cash flow weakens, fixed assets grow, debt rises. Aggregate capex across Alphabet, Amazon, Coreweave, Meta, Microsoft, Nebius, Oracle, SpaceX forecast at $971 billion, or 46% of sales. Consensus expects $1.3 trillion in 2027 capex,