Lots of industries are capital intensive, and one might argue such industries tend to be slower growing, such as carbon-based energy; utilities of all types and telecommunications. So it is almost pointless to complain about high levels of capex in such industries.
More-relevant questions might be raised about increasing levels of investment, not necessarily high levels of investment that are steady. And that clearly is the case for hyperscale cloud computing “as a service” providers.
Other industries feature lower levels of annual capital investment intensity, but might see capex increases to support AI operations, including software.
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