Are you worried about AI?

Are you worried about #AI? I am definitely picking up more concerns over circular financing and over-build in AI, but the BIG PICTURE remains:
?? Most of capex is by hyperscalers, that have very healthy CASH flows and low #LEVERAGE. This is very different to previous capex booms;
?? Also very different to previous boom is #earnings are delivering, Mag 7 at 34x fwd p/e is even slightly cheaper than beginning of the year.

That said, I am definitely concerned about overtime ROI on #capex especially given faster depreciation cycle for chips. But it all boils down to the trillion dollar question: will AI bring about enough productivity and revenue boost to meet lofty expectations? I think jury is still out, meanwhile the investment theme continues and I remain overweight.