If that were the case, the hyperscalers would be ramping down capex, not increasing it.
The not-in-service numbers on the financials are just the normal lag, and have been stable in proportion to capex for years, to well before the start of the boom.
The not-in-service numbers on the financials are just the normal lag, and have been stable in proportion to capex for years, to well before the start of the boom.