# hyperscaler capex — X 热门讨论 (2026-09-21 13:02 UTC)
## @XXIfomo (XXI) · 09-20 19:05 · ♥30 ↻0 💬5 BLACKSTONE JUST TOLD ITS INVESTORS THIS IS NOT THE DOT-COM BUBBLE.
Jon Gray runs the largest alternative asset manager on earth. He just showed the room the exact number that separates 2026 from 2000. And it is not close.
Blackstone deployed almost $100 billion into data centers this year alone. Six gigawatts of new capacity. Their tenants will add another $200 billion in chips on top of that. Blackstone did not do this because they were guessing.
"hyperscaler capex, five companies, $415 billion last year. that number has doubled this year to $820 billion. that's equal to 2.5% of the GDP of the United States"
"SK Hynix today trades at a four P/E multiple. it is not 2000 when Cisco was trading at 150 times earnings"
Then he showed the cost of building one AI factory:
"$55 billion for a gigawatt"
"the beef is the return on investment"
bookmark & watch the moments worth watching twice ↓ > 引用 @XXIfomo: FUNDSTRAT JUST TOLD WALL STREET THE BEAR CASE IS BROKEN.
The strategist who called the 2023 rally when Wall Street was bearish just explained why this is not the top.
Tom Lee co-founded Fundstrat 12 years ago and is its head of research. He has been publicly bullish through every scare in the last 12 years - inflation, rate hikes, tariffs, AI unwind, oil spike, government shutdown. The S&P is 2.6% off all-time highs after all of it.
"this year earnings are up 25% and the market's only up 10. so the market got cheaper"
"demand to supply right now for chips is called 13 to 1"
"investors are underestimating earnings by probably 25 30% next few years"
Then he named the year we are actually in:
"this is a 1997 moment, not a 1999-2000 moment"
bookmark & watch the moments worth watching twice ↓ https://x.com/XXIfomo/status/2101749525040058628