- Who Gives A Crap Elm Ridge argues that AI infrastructure spending rests on circular financing, aggressive capital expenditure and uncertain end-market returns, drawing parallels with the telecom bubble. The firm favors cheaper, less AI-exposed stocks and cites AerCap, ArcBest, Citigroup and ArcelorMittal as examples of holdings whose valuation multiples can rerate. September 2026 AMZN $2.9TCSCO $405BDELL $245B
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