# hyperscaler capex — X 热门讨论 (2026-09-17 11:44 UTC)
## @kshaughnessy2 (kristen shaughnessy) · 09-17 10:36 · ♥55 ↻19 💬6 At least Wall Street Is saying it out loud now?
Amazon, Google, Meta and Microsoft borrowed a mountain of money to build AI. And the market is starting to wonder if they’ll ever make it back.
"What the market is repricing is hyperscaler credit fundamentals, namely a debt-financed AI capex cycle with rising leverage, negative free cash flow and uncertain payback on depreciating assets."
“Dan Alpert, founding managing partner of Westwood Capital, compared the setup to the run-up to the 2008 mortgage crisis..” https://x.com/kshaughnessy2/status/2100534321153036621