Goldman Delta 1 head: "Anxiety around capex is extremely high. A number of bond issues launched yesterday reinforce the question around the cost and availability of capital. There are bull and bear takes on both sides, but the multiple compression is striking. The SOX on a blended 24 month forward basis is around 12.16x p/e, through Liberation Day and Iran escalation lows...approaching 2022 levels. Nvidia is at 10x, its lowest multiple since 2013 (blended 24mf). What is the market trying to tell us? That there is significant risk to estimates and potentially 2027 is a peak, as the cost of capital and the capacity to finance the buildout constrain how quickly companies can move. There are parallels to tech in the late 90s… building capacity before there was enough use for it. The bull case, and I’m probably more in this camp, is that the use cases are still largely untapped. Robotics has barely started, enterprise IT workflow automation has barely scaled across legacy stacks. But corporate balance sheet capacity and debt market limits are real and binding."