Pershing Square 称大型科技公司 7400 亿美元资本开支是进攻性投入而非防御性成本
Pershing Square says Big Tech’s $740 billion capex is offensive, not defensive
Pershing Square said in its third-quarter shareholder letter that capital expenditures by Microsoft, Meta, Amazon and Google will rise from about $140 billion in 2023 to about $740 billion in 2026, which is an offensive growth investment rather than a defensive cost.
Pershing Square characterizes the capital expenditures of ultra-large-scale cloud vendors as offensive investments, which essentially prompts the market to re-examine the free cash flow path of technology giants and the benefit structure of the chip supply chain. For gold and foreign exchange traders, the significance of this framework is that the technology capital expenditure cycle will affect risk appetite and US stock profit expectations, which will then be transmitted to the rhythm of safe-haven assets and the US dollar. It is worth tracking changes in capital expenditure guidance and free cash flow in subsequent financial reports.
Pershing Square 对超大规模云厂商资本开支的多空双向推演,给出了判断自由现金流与芯片供应商风险的框架。
来源:ForexLive · investinglive.com