Alphabet's capital raise signals Big Tech shift to capital-intensive AI infrastructure, expert warns

Summary

Blind Squirrel Macro's Rupert Mitchell warns that Alphabet's capital raise signals a major shift for Big Tech from a low-capital-expenditure, high-earnings business model to capital-intensive AI infrastructure operations. This transition could fundamentally reshape the market dynamics that drove U.S. equity outperformance over the past decade, a factor Mitchell suggests investors may be underestimating.