AI capex spiral: when do profits kick in?

Every quarter the hyperscalers and AI labs keep raising their infrastructure spend, but revenue growth from AI products still looks modest relative to those billions. I keep reading about enterprise adoption ticking up, yet most of the earnings calls I follow still lean on "we're investing for the long term." At what point do investors start demanding actual returns on all this compute? And are we seeing any early signs that AI is becoming a real profit center rather than a cost center? Curious how others are reading the capex versus revenue gap right now. Are we still in the land-grab phase, or is the market starting to price in a slowdown?