Hyperscaler earnings will explode post-2028. Here is why: Their combined backlog currently stands at ~$2 trillion. Almost 50% of this will convert over the next 12-24 months. This capacity will be renewed at materially higher prices as current rental rates are way above their contractual rates and they keep rising. Combine this with volume growth and we’ll be looking at continued sales momentum post-2028 with expanding margins. Given that capex growth will also decline to 10% levels in 2028, we’ll literally see free cash flows skyrocket. How can you be bearish? $AMZN $GOOG $MSFT $ORCL
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