Intel Raised Capex and the Stock Went Up: What That Says About the AI Trade
This morning the question was whether the market punishes capital spending itself or only capital spending whose return cannot be measured. Intel answered it after the bell: fastest revenue growth since 2011, capex raised above $20 billion, and the stock up anyway. The distinguishing variable is not how much you spend — it is whether customers have already committed to buy what the spending produces.