Once again, this earnings season, it’s been all about the AI arms race and the buildout boom to develop new facilities and platforms as fast as possible.
While the markets’ focus through the end of this year will likely remain on who can build the most, the fastest, we suspect this focus will shift in 2026.
In the medium term, investors will also need to grapple with evaluating just how much new computing capacity will come online over the next five years and at what point will capacity start to outpace demand.
This post originally appeared at Morningstar.