[Roads, water, and telecom towers can beat the AI hype](https://www.marketwatch.com/story/roads-water-and-telecom-towers-can-beat-the-ai-hype-this-fund-manager-flags-the-infrastructure-stocks-to-buy-now-54c62a77?mod=mw_rss_topstories) — and Lazard's making the rational case. Problem: infrastructure thesis assumes capital flows *away* from mega-cap AI capex. That's not happening.

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