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The Capex–Supply-Chain Scissors: How Q1 2026 Earnings Day Met the Helium Crisis and the $700 Billion AI Spending Story Got Complicated

On April 29, 2026, the four largest hyperscalers reported Q1 earnings into a market that had spent three months absorbing the news that helium production fell off a cliff and DRAM costs more than doubled. The announced seven-hundred-billion-dollar AI capex story collided with the realized cost of building it. The gap between those two numbers is the new strategic axis of the AI infrastructure economy, and it is widening faster than the earnings calls have admitted out loud.

24Michael Eakins
hyperscalersAI capexQ1 2026 earnings+11