Professor Glenn A. Okun
The Rabid Capitalist: The Big Point is a summary of a detailed note available to paid subscribers.
Over the last two years, the market has rallied on the back of the narrative that AI will create labor substitution-driven cost efficiencies. The cruel reality has arrived to kill this story: AI infrastructure is causing cost-push inflation. It has become a giant, price-insensitive buyer of scarce physical inputs, including memory, storage, power, copper and data-center space. Investors want exposure to the bottleneck owners and avoid the downstream consumers.
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