G🅰️rd Flåskjer

Opinions Are My own. No FA.

[G🅰️rd Flåskjer @flaskjer]

$INTC

[Milk Road AI @MilkRoadAI]

This is WILD!

Goldman Sachs says Wall Street consensus 2027 hyperscaler Capex estimates are too conservative (Save this).

The consensus lands at $920 billion but Goldman thinks it could reach $1.4 trillion.

Here is how they get there.

Hyperscaler capex, the combined AI infrastructure spending of Amazon, Google, Meta, Microsoft, and Oracle went from $261 billion in 2024 to an estimated $805 billion in 2026, a 3x increase in two years.

The consensus for 2027 assumes growth decelerates sharply to just 22%, which is where Goldman pushes back.

Goldman economists compared that assumption against every major infrastructure buildout in history, railroads, highways, electrification, the internet and found they consistently consumed 2 to 3% of GDP at their peak.

At 2% of US GDP, hyperscaler capex reaches $950 billion in 2027 and at 3%, it reaches $1.25 trillion.

In the most aggressive scenario where hyperscalers deploy every dollar of operating cash flow plus the full capacity of the investment grade credit market, the number reaches $1.43 trillion.

The fourth chart is what makes the Goldman case feel earned rather than aggressive.

Hyperscalers are expected to reinvest 98% of operating cash flows directly back into capex in 2026, a ratio only ever matched during the telecom bubble of 2001.

The critical difference is that these companies are actually generating the cash flows that are being reinvested, Amazon, Google, Meta, and Microsoft combined are printing hundreds of billions in operating cash every year and putting nearly all of it back into infrastructure.

A buildout this large creates supply chain pressure and earnings volatility in the names most exposed, and Goldman is not dismissing that risk but the direction of spending is not in question, the only debate is whether 2027 comes in at $920 billion or $1.4 trillion.

The companies sitting directly in the path of that spending are the ones worth owning.

Nvidia captures the largest share of every hyperscaler capex dollar, owning 80%+ of AI training compute, and Morgan Stanley raised its 2026 capex estimate specifically because of continued Nvidia demand.

Oracle is the fastest growing capex spender among the five hyperscalers on a percentage basis up 116% from 2024 to 2027 with the smallest absolute base, giving it the most runway remaining.

CoreWeave and Nebius sit between the hyperscalers and frontier AI companies, renting GPU capacity to anyone who cannot get on the hyperscaler queue fast enough and as that capex number grows, so does their total addressable market.

Milk Road subscribers already up massively on these names, come join Milk Road Pro for our full breakdown and what other names we are watching for just a dollar.

Link below!

[G🅰️rd Flåskjer @flaskjer]

@DidrikRommen 🙃

[G🅰️rd Flåskjer @flaskjer]

You are correct Sir. AI virka å ha tatt en Dark turn, og det ser no ut som at fellesskapets beste kanskje ikkje står høgast på agendaen som først antatt.

[Michal Malewicz @michalmalewicz]

AI era is officially done. A handful of people will afford good models, back to stack overflow for the underclass.

[G🅰️rd Flåskjer @flaskjer]

Er dette den moderne versjonen av når konen til Peter Lynch snakket om køer utenfor klesbutikker?

Wild world…

[Citrini @citrini]

@0xsmac You laugh but this woman will know when the cycle has topped well before any of us do

[G🅰️rd Flåskjer @flaskjer]

@CarlPotro Wilhelmsen stiftelse ga 3 mill og Stian Rustad ga minst noen 100 000

[G🅰️rd Flåskjer @flaskjer]

@HanFarStockUp Exit liquidity.

[G🅰️rd Flåskjer @flaskjer]

@ung_investor Har du fått øvd inn signaturen?

[G🅰️rd Flåskjer @flaskjer]

Probably nothing… $ASTS

[✨가론 @HiddenSignalsX]

$ASTS ✨
🇳🇴 Norges Bank Initiates Position in AST SpaceMobile

Norges Bank, manager of Norway's sovereign wealth fund, disclosed a new position in AST SpaceMobile during Q4 2025.

• Acquired approximately 2.72 million shares
• Position valued at roughly $200 million
• Represents a significant institutional vote of confidence
• Highlights growing interest in the direct-to-device satellite market

AST SpaceMobile is building a space-based cellular broadband network designed to connect directly with everyday smartphones through partners including AT&T, Verizon, and Vodafone.

The investment by one of the world's largest institutional investors may be viewed as another signal of confidence in AST's long-term commercial opportunity and global expansion potential.
#ASTS #ASTSpaceMobile #NorgesBank #Satellite #DirectToCell #SpaceTech

https://t.co/yqnqjL24f7

[G🅰️rd Flåskjer @flaskjer]

Hahhahaha

[τop τick crypτo 📁 🤖🧠 @toptickcrypto]

“The memory trade can’t keep going because the hyperscalers can’t spend more than 100% of cash flow”

[G🅰️rd Flåskjer @flaskjer]

@Bare_Birk @OleAndreHagen Jeg er enig, men hittil har det vel primært vært de som selger spadene og ikke kjøperne av dem som har tjent de store penga på AI

[G🅰️rd Flåskjer @flaskjer]

Helt rått @ung_investor 🤌

[Audun Wickstrand Iversen @IversAudun]

Kult profil intervju av Leo i FA i dag

[G🅰️rd Flåskjer @flaskjer]

POV: Du innser at du kjem til å bli strengt regulert om du ikkje endra narrativet

[Noah Smith 🐇🇺🇸🇺🇦🇹🇼 @Noahpinion]

FUCK YEAHHHHHH
ANTHROPIC IS NO LONGER DOOMING ABOUT JOBS!!!!! ♥️♥️♥️

[G🅰️rd Flåskjer @flaskjer]

Letsssgoooooo

[AST SpaceMobile @AST_SpaceMobile]

Convoy complete.

BlueBird 9 has officially arrived at Cape Canaveral,  ahead of the next Falcon 9 launch campaign.  🚀🚀 🚀 🚀 🚀 🚀 🚀 🚀 🚀 🚀

Built in Texas. Broadband from space. Designed to connect directly to everyday smartphones. 🌎📶📱

#ASTSpaceMobile #Broadband #ConnectingtheUnconnected

[G🅰️rd Flåskjer @flaskjer]

@KEKDnREKT Man må jo bare det😍

[G🅰️rd Flåskjer @flaskjer]

https://t.co/thFKOhkZoQ

Maybe it did

[The Kobeissi Letter @KobeissiLetter]

BREAKING: South Korea’s stock market surges to a new record high, now officially up another +100% in 2026.

[G🅰️rd Flåskjer @flaskjer]

@Norwegian_D Hvorfor selger du?

[G🅰️rd Flåskjer @flaskjer]

@saso_capital https://t.co/7451IbLYp4

[G🅰️rd Flåskjer @flaskjer]

@Bare_Birk Store muligheter

[Shay Boloor @StockSavvyShay]

The next leg of connectivity demand is bringing billions of people & devices online where fiber, towers & last-mile backhaul cannot scale economically.

About 2.6 billion people still don't use the internet & 77% live in places where terrestrial telecom infrastructure doesn't work.

That is the TAM that $ASTS & $SPCX Starlink are built around.

[G🅰️rd Flåskjer @flaskjer]

@Bare_Birk De er i fasen der de skyter opp satellittene. Blir feil å se på dagens revenue mot EV når de er i akselerasjonsfaeen. Legger ved estimater fra Bloomberg. De har selv projected 1bn neste år i revenue og 80-85%Ebitda margin. TAM på bare D2D er 740bn, fra SpaceX sin s-1.