The AI trade may have reached an interesting crossroads. After nearly 3 years of massive spending, investors are beginning to ask a simple question. Are we witnessing an AI capex peak and perhaps exhaustion.Or are we still in the early stages of enormous hardware super cycle. The answer matters because the largest technology companies continue to spend at an unprecedented pace. Microsoft, Meta, Amazon, Alphabet, and others are investing hundreds of billions of dollars in data centers, chips, networking equi ...