Bollcoin, October 26: According to Jin10 Data, the AI boom has fully entered the infrastructure build-out phase, triggering one of the largest corporate investment waves in recent years. As the chart shows, as large hyperscalers actively invest in chips and data centers, their capital expenditure growth has outpaced free cash flow growth. However, the telecom boom of the late 1990s offers a lesson worth heeding: investment expands capacity, and capacity expansion can shift scarcity and economic rents to other parts of the ecosystem. Today, understanding what new constraints may emerge in the future may be no less important than identifying the beneficiaries of the current cycle. Data as of June 30, 2026.