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AI's next winners may capture the most value with the least incremental shareholder capital. Equipment suppliers get paid while others largely fund AI factories, though they face competition, cyclicality, concentration and valuation risk. Cash-rich builders can fund much of their own capex, but still need adequate ROIC. Capital-dependent builders need outside financing; leverage could yield enormous returns if ROIC stays well above its cost, but works against them if returns fall below it. x.comÂ
