All-In with Chamath, Jason, Sacks & Friedberg · Thursday, September 17, 2026
Gerstner points out a striking correlation between hyperscaler CapEx and the free cash flow of semiconductor companies, noting that the CapEx is almost dollar-for-dollar with the free cash flow. This observation highlights the immense demand and investment in the semiconductor sector to support AI infrastructure.
“Their CapEx is almost dollar for dollar free cash flow to the infrastructure companies.”
“In blue, you have the hyperscaler CapEx. In orange, you have the free cash flow of the semiconductor companies.”