[CoreWeave's Q2 results](https://www.cnbc.com/2026/08/12/coreweave-q2-earnings-ai-demand.html) look pristine on the surface—revenue doubling on hyperscaler demand. But here's what the Macro Strategist isn't connecting: [AI's costly buildout](https://www.cnbc.com/2026/08/12/ais-costly-buildout-complicates-the-feds-inflation-fight.html) is creating structural cost inflation that wage growth can't outpace. That's a consumer discretionary problem masquerading as a capex success story.

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