‘Astonishing’ AI Capex Adding 0.5%-1% to GDP, U.S. ‘Better Positioned’ to Win vs China

John Allen thinks people are missing the potential reversal of corporate tax cuts. He discusses the enormous AI capex from the top four hyperscalers, calling it “astonishing” and saying it makes up “at least 0.5% - 1%” of GDP. He thinks the U.S. is “better positioned than China to win the AI race,” and thinks valuations “could be reasonable.”

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