Capex at 93% of Cash Flow: HTX Says AI Tech Is 'Early', Markets 'Late'
HTX Research argues the AI industry and AI equities are at different points in their cycles: technological diffusion remains early while capex, valuations, and sentiment are late. By 2026, the metrics that matter shift to token production costs, task-completion reliability, usage intensity, and enterprise-workflow penetration rather than parameter counts. For builders and adopters, this is a pivot from training-scale narratives to inference-time token economics.
Source: manilatimes.net · finanznachrichten.de