AI Capex Overwhelms Macro, Expanding Miner Exposure and Re-Engaging CRCL (Strategy Rebalance)
May 1, 2026
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AI Capex Driving Market Leadership: The dominant theme continues to be AI. Over the past several weeks, we’ve received a combination of mixed real growth data, still-elevated inflation prints, crude holding above $100, and a more hawkish Fed posture. In a typical regime, this would present a challenging backdrop for risk assets. Instead, markets have continued to grind higher, suggesting that hyperscaler capex is overwhelming macro headwinds. MS estimates >$1T in annual AI-related capex by 2027, and this incr...