# hyperscaler capex — X 热门讨论 (2026-09-28 13:40 UTC)
## @conorsen (Conor Sen) · 09-28 10:48 · ♥49 ↻3 💬3 The value of the last $200 billion/year or so of AI capex has to be so low value — shifts hyperscaler FCF from positive to negative, requires external financing, is mostly inflation rather than real growth, pushes up interest rates, etc. https://x.com/conorsen/status/2104523688607719902
## @burak_finance (Burak Finance) · 09-27 21:30 · ♥40 ↻2 💬1 Why institutional capital treats $AVGO as an indispensable holding:
• ~70% of hyperscaler custom AI co-design • Tomahawk is still the merchant Ethernet standard • Paid by Google Meta OpenAI Anthropic • Hock Tan turning hyperscaler capex into cash https://t.co/vErAJhoXyZ https://x.com/burak_finance/status/2104322690274460021