Executive Summary Frontier artificial intelligence remains structurally unprofitable despite exponential revenue growth, driven by unsustainable capital expenditure (Capex) outpacing verified direct algorithmic monetization across the sector. Hyperscalers like Amazon, Alphabet, Microsoft, and Meta project massive 2026 Capex expansions as documented in their audited SEC filings, primarily targeting AI infrastructure and custom silicon (Amazon.com Inc. Form … Leggi tutto AI Profitability 2026: Hyperscaler Capex vs ARR Dynamics