According to @KobeissiLetter, US technology firms’ CapEx-to-Sales ratio has reached 11%, the highest since 2000, rising by 4 percentage points since 2022. According to @KobeissiLetter, the CapEx-to-Free Cash Flow ratio is about 38%, the highest since 2022, compared with roughly 60% in the late 1990s. According to @KobeissiLetter, this indicates tech companies are funding most capital expenditures with free cash flow rather than debt, reflecting solid financial health. According to @KobeissiLetter, the AI investment boom has room to run, a signal traders can use to frame positioning in AI-linked equities and to monitor AI-themed crypto tokens as capital spending trends evolve.