The AI CapEx Boom, Scorching Cash Burns And Dotcom Circle Jerk 2.0 (Part 2)
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In Part 1 we revisited the late-1990s telecom and technology equipment boom and showed how booming reported sales and earnings at the tech high flyers of the day— Cisco, Nortel, Lucent and their peers—-rested upon three unstable pillars:
scorching venture-capital burn rates.
circular money flows via vendor financing.
highly speculative capital-market equit…
