According to @KobeissiLetter, US private nonresidential fixed real investment in data centers has surged about 300% over the last three years while inflation-adjusted nonresidential investment in structures excluding data centers has barely grown, highlighting AI infrastructure as the dominant capex driver (source: @KobeissiLetter). For trading, this concentration in AI-related capex supports momentum monitoring in AI hardware suppliers, data center REITs, and power-linked equities, and it frames a watchlist for crypto miners whose operations are tied to high-density compute and electricity availability, with potential knock-on effects for BTC and ETH market sentiment during capex cycles (source: @KobeissiLetter). Positioning can track the persistence or reversal of this data center investment trend, as AI- and compute-exposed assets are likely to be most sensitive to any shift in the capex trajectory identified in the data (source: @KobeissiLetter).