Conclusion: A Decade-Long Repricing of AI Cloud

The AI Cloud opportunity remains intact, but its value realization may be slower, more uneven, and more structurally driven than early narratives suggest. The next decade will reprice the sector away from pure capacity stories and toward absorption enablers—the architects, not just the arms dealers, of the AI economy.

For investors, the critical question is no longer whether AI demand exists, but who is positioned to convert it into durable, compounding cash flows as the global economy learns to absorb intelligence at scale.