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The current artificial intelligence (AI) technology cycle is characterized by significant capital intensity, rapid execution, and active involvement from incumbent companies. Unlike previous technology cycles, the AI cycle demands substantial investment in compute infrastructure, with Microsoft allocating approximately $90 billion this year alone for capital expenditures. The growth pace of AI is also markedly faster, exemplified by ChatGPT becoming the quickest consumer application to gain traction in history. Additionally, major tech firms are actively innovating and investing in AI, showcasing a stark contrast to the hesitant approach taken during earlier technological revolutions.