AI Capex Index Splits Infrastructure Winners From Software Laggards

The AI capex cycle is splitting the market. Chip, power, networking, and data-center companies are seeing revenue first because physical bottlenecks are easy to price. Software companies still need to prove that productivity gains convert into durable willingness to pay.\n\nFor investors, the question is not whether a company has AI exposure. It is where cash flow appears. Infrastructure has visible demand but carries margin and supply risks. Software has better scalability but still needs proof around pricing and retention.\n\n## Builder Implications\n- AI benefits arrive at different speeds in infrastructure and software.\n- Product teams must translate productivity gains into pricing power.\n- Investors should separate revenue timing from margin structure.