Goldman Delta-1 head Rich Privorotsky: "Lots of underperformance in hyperscalers yday. Everyone still appears convinced they must keep spending simply to remain competitive, while token cost compression/advent of neoclouds puts pricing pressure on core business. If token prices continue to compress alongside falling compute costs, the benefits may accrue to users faster than providers. Ironically, the first hyperscaler to signal that it can slow the pace of spending will likely see its share price rewarded. If that happens, others will take notice. That is the reflexivity that ultimately stalls the capex cycle… not a lack of demand, but investors deciding that incremental returns on the next dollar of spend are no longer attractive. Watch hyperscalers share price as leading indicator."(zerohedge)