The Datacenter as OpEx Rather Than CapEx
I'm not sure that all datacenter investment for MSFT 0.00%↑ , GOOGL 0.00%↑ , AMZN 0.00%↑ , META 0.00%↑ and ORCL 0.00%↑ should not be classified as OpEx. The datacenter is not for internal use, but rather is sold as part of a larger commercial service to Enterprise customers. Would Gen AI investment maintain its torrid pace if DCs were reclassified as OpEx? Likely not.