Private Markets: AI Infrastructure Build-Out Creates $400B Annual CapEx Cycle

Executive Summary

Big tech companies are running a $400 billion annual CapEx cycle into AI infrastructure, creating the largest technology build-out in history. This represents a fundamental shift from previous cycles where infrastructure risk was distributed across weaker players. Google, Facebook, Amazon, and Microsoft—described as 'probably the best companies ever created'—are bearing the infrastructure burden while AI application companies build on top. Simultaneously, AI model costs have declined 99% over tw...

Key Investment Opportunity

Big Tech AI Infrastructure Beneficiaries

Companies building AI infrastructure are positioned to benefit from $400B annual CapEx cycle while maintaining pricing power through competitive moats