Hyperscalers are embedding very high levels of maintenance capex that people don't appreciate; leases are essentially debt lasting 30 years with obligations to upgrade technology with expensive new Nvidia chips; there is no rainbow in year four—depreciation and maintenance capex are permanent.
causalpending
Speaker
Peter BookbarEvidence Quote
“they're embedding a very high level of maintenance capex that I don't think people appreciate...a lot of them are guaranteeing out 30 years...the maintenance capex and the depreciation expense. This is they're not this there's no rainbow in year four here.”
Created: 8/12/2026, 6:20:13 PM
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