The AI Capex Cycle Broadens: Nuclear, Space and Cloud Partnerships Absorb Capital
Investor attention is rotating from mega-cap compute toward the physical and infrastructural layers of the AI build-out — from Oklo's next-generation reactors and Rocket Lab's Neutron program to Amazon's deepening Anthropic alliance.
Research flow points to a globalizing, multi-layered AI investment cycle in which power generation, launch capacity and model partnerships are drawing capital that once concentrated in semiconductors. Oklo, Rocket Lab and Amazon feature prominently, even as Oracle's twelve-month total return underscores the sector's dispersion risk.
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