AI capex is outpacing revenue — how long can this hold?

Every hyperscaler earnings call now leads with capex figures that dwarf what AI products actually bring in. The gap is widening, not closing. Infrastructure may be a moat, but investors eventually want a payback timeline. The enterprise side is stranger still: pilots everywhere, production deployments rarer, and falling per-token pricing cuts both ways. Cheaper inference should drive volume, yet it compresses margins for anyone selling on top of it.