Hyperscalers allocate nearly all operating cash to AI infrastructure

Hyperscalers direct nearly all operating cash flow to AI infrastructure, raising execution risks for tech investors. S&P 500 Shiller PE stands at 41, matching dot-com peak levels before crash. Investors advised to buy REITs owning physical consumer destinations AI cannot replicate. The 1998, 2005 cycle shows real estate outperformed after tech valuations corrected.