Hyperscalers burn cash on AI buildout while chip makers rake in record profits

Money goes to hardware makers who deliver now while hyperscalers pay years ahead. Capex flood creates short term pain but hopes for 2027 payoff. Math does not math if 7.6 trillion spend needs double that in new revenue to profit. Space data centers or China could absorb excess GPUs. Air conditioning companies already making killing from data center heat. Some see fascism or reckless LLM investments as root. Cash burn looks like serious checks being written with uncertain return.