北美 -人工智能军备竞赛下超大规模企业资本支出透视

September 17, 2025 09:53 PM GMT Global Valuation, Accounting & Tax | North America AI Arms Race: Putting Hyperscaler Capex in Perspective Hyperscalers are in the midst of an unprecedented investment cycle, with capex-to-sales ratios nearing past peaks seen in the dot-com fiber build out and exceeding the shale fracking boom. Finance leases push headline numbers even higher while the margin impact is delayed until assets come online. Key Takeaways Substantial amounts of AI investment are already locked in, b ...