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Hyperscaler capex looks better when compared to AT&T’s Depression spending . (0:15) Intel gains after SK hynix partnership report . (2:08) Inspire Brands preps for one of history’s largest restaurant IPOs . (2:45)

This is an abridged transcript of the podcast:

Our top story so far, Wall Street is increasingly nervous about hyperscaler capex.

The combined capital expenditure of Amazon ( AMZN ), Microsoft ( MSFT ), Alphabet ( GOOG ) ( GOOGL ), and Meta ( META ) was just over $200B in 2024. Two years later it is on track to approach $700B. Free cash flow at those four companies slipped to about $200B last year, down from $237B in 2024, as the AI build-out accelerated.

The question investors are asking: what happens if the economy turns?…