Two Opposite Readings of the Same Capex Number
Two assessments landed within hours of each other on 15 November. Morgan Stanley Wealth Management CIO Lisa Shalett said Nvidia’s leadership turmoil and the midterm result do not break the bull case, which rests on AI infrastructure capex — reading the vote as a demand for safety rules and fairer cost-sharing rather than a rejection, and pointing to supplier backlogs running through 2027 and into the first half of 2028. Tenzai founder Ariel Zetlin argued the opposite on returns: fast recursive self-improvement is “basically impossible”, each marginal dollar buys less capability, and ten times the spend yielding roughly twice the capability is exactly why the frontier labs need enormous capital.
