5G
One underestimated point is probably the massive borrowing by Big Tech for the data centers. They are currently tapping into USD 1 trillion on the capital markets. Pension funds, hedge funds, banks, PE firms and who knows what else are getting involved. Of course, the capital will then be lacking elsewhere.
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@Epi does not apply to all BigTech companies. MSFT, GOOGL and Amazon, for example, get the CapEx financed from their free cash flow or operating cash flow themselves. They actually have to take out loans to build / buy more DataCenter, Nvidia GPUs and co ;-) The real question is how OpenAI will finance its planned investments/purchases. It feels like a hundred billion deal with a different partner is announced every week
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