(https://www.marketwatch.com/story/as-artificial-intelligence-capital-expenditures-rise-so-do-the-risks-for-ai-stocks-goldman-sachs-tells-investors-bc985b57?mod=mw_rss_topstories) that $920B in AI capex forecasts are "likely too conservative" — which is banker-speak for "you're underestimating the risk that this capex never gets paid back." The problem isn't the capex itself.

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