Hyperscaler capex has ballooned to nearly $700 billion, up from roughly $400 billion just three months earlier, according to Applied Digital CEO Wes Cummins. Oracle’s transformation into an AI cloud powerhouse is the marquee headline, but the money is quietly rotating into the picks-and-shovels names that get paid whether Oracle, Microsoft, or Meta wins the model race. Five under-the-radar tickers sit directly in that spending firehose, and the market has not fully repriced any of them.
This post originally appeared at 24/7 Wall St.