Hyperscaler capex must convert into enterprise AI revenue before the spend self-funds Hyperscaler capex flows to AI suppliers and must convert into enterprise AI revenue at a monetization transfer; the pace of that conversion reroutes the chain to either the overspending or the euphoria terminal. Hyperscaler capex AI buildout spend Supplier buildout Nvidia accelerators AMD TSMC HBM makers proceeds pass to suppliers Enterprise monetization Microsoft AI run-rate Copilot seats commercial RPO Overspending hyperscaler shares lag at suppliers' expense Euphoria spend self-funds keeps pace lags revenue recycles to sustain capex