The David Lin Report · Tuesday, July 14, 2026
Adam Taggart expressed concern that current AI sector valuations are based on optimistic capital expenditure projections, often relying on 'Excel spreadsheets'. He notes that a growing chorus of potential constraints could hinder the physical realization of these build-out plans.
“the whole sector is based upon, um, the analysts' capex spending projections.”
“And, you know, that right now that's basically an Excel spreadsheet that says, if the money is there, we're going to build X number of data centers at this rate off into the future.”
“And there is a building chorus of potential constraints that are likely to not not make that build out, uh, be able to be physically carried out as aggressively as the spreadsheet show.”