Hyperscale Cloud: AI Supply Chain Stocks & Analysis

Hyperscale cloud providers are the largest single source of AI infrastructure capex: their quarterly guidance on data-centre and chip spending is the single most-watched number across the entire AI supply chain, since it sets the demand baseline everyone further upstream is ultimately selling into. The market's read on hyperscaler capex has shifted over time: growth is rewarded when paired with visible utilisation, and questioned when it isn't.