According to @KobeissiLetter, the CapEx-to-depreciation ratio in the S&P 500 Information Technology sector has surged to approximately 1.94, the highest level in at least 20 years. source: @KobeissiLetter. The author states this metric tracks how much companies invest in new assets relative to the rate those assets depreciate and characterizes the surge as a historic wave of tech CapEx transforming the entire market. source: @KobeissiLetter. For traders, a ratio near 1.94 means investment is nearly double depreciation within the sector, highlighting a pronounced capex upcycle to monitor across tech equities and broader risk sentiment. source: @KobeissiLetter.