Serenity, described in the source as the "white-haired stock god," said in a post summarizing the latest earnings guidance from Amazon, Meta, Google and Microsoft that the four companies could spend a combined $720 billion to $745 billion in capital expenditures in 2026. That range is above an earlier market expectation of $695 billion to $725 billion.
The post also said the market has already gone through visible deleveraging, while both retail and institutional investors have faced position liquidations due to margin pressure. On that basis, Serenity said short-term adjustment may continue, but argued it is difficult to stay bearish on upstream semiconductor companies and new cloud-computing infrastructure over the medium to long term.
Serenity also floated a "bottleneck investment" thesis. The idea is that when trillions of dollars flow into supply-chain segments once treated as low-value commodities, companies tied to those choke points may see their valuations reset. The examples cited were memory chips and even energy infrastructure. The post added that many AI supply-chain companies now in focus were overlooked during the telecom cycle, but could be repriced as AI infrastructure buildout accelerates and capex starts showing up on their balance sheets.
Odaily reported that Serenity said in a post summarizing capital expenditure guidance from the latest earnings reports of Amazon, Meta, Google and Microsoft that the four tech giants are expected to spend a combined $720 billion to $745 billion in 2026. That is above the previous market expectation of $695 billion to $725 billion.
Serenity said the market has recently seen clear deleveraging, with both retail and institutional investors facing position liquidations because of margin pressure. Short-term adjustments may continue, the post said. Even so, Serenity argued that it is hard to remain bearish over the medium to long term on upstream semiconductor companies and new cloud-computing infrastructure.
Serenity also proposed a "bottleneck investment" thesis, saying that when trillions of dollars flow into supply-chain segments that were once viewed as low-value commodities, companies in those areas may go through valuation resets. The post cited memory chips and even energy infrastructure as examples.
It also said many AI supply-chain companies that are currently in focus were previously overlooked during the telecom cycle. As AI infrastructure construction accelerates and capital expenditure begins to flow onto their balance sheets, those companies may be repriced.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
