全球估值：AI 资本密集度进入新时代-Global Valuation, Accounting & Tax-AI Capital Intensity Enters a New Era

February 26, 2026 12:07 AM GMT Global Valuation, Accounting & Tax | North America AI: Capital Intensity Enters a New Era Hyperscalers are now surpassing prior dot-com capital intensity peaks, and widespread use of leases push headline numbers higher. Their capex makes up an outsized and growing share of R1000 investment, but resulting sales revisions have been concentrated in Semis, moving hyperscaler FCF lower. Key Takeaways Hyperscaler AI investment rate is expected to exceed the dot-com peak this year. U ...