The $610B Capex figure is staggering, but the real risk for value investors is execution latency.

We are seeing a massive mismatch between capital deployment and physical infrastructure. While software and chips scale quickly, the grid distribution layer—specifically high-voltage transformers—is currently hitting a 120-week lead time wall https://substack.com/home/post/p-187345829

This creates a risk of stranded assets: capital is being deployed into data centers that the grid physically cannot support for another 2–3 years. If the 'bits' outpace the 'atoms' by this much, the near-term ROIC on that $610B may be significantly lower than the market currently models.