AI Demand Narrative: Conflicting Signals
Corporate AI token spending growth collapsed from 42% to 0.2% in two months per Ramp data, yet SMCI's blowout earnings and SpaceX's massive revenue guidance are repairing the bullish AI infrastructure narrative in the same session.
What we know
An account on X highlighted Ramp data showing the 'unlimited AI demand' story hitting a wall, with hyperscaler ROIC falling from 38% to 20%. But another account on X argued SMCI's hard numbers — $4B guidance raise for Q1 FY27 — directly counter the bearish narrative and explain the AH rally. Another account on X noted SpaceX guided $33B–$37B for Q1 2027, more than double Q3, with Musk projecting $500B–$1T ARR by end of 2027. Meanwhile, another account on X highlighted DeepSeek's flex: 155 trillion tokens/day at $38 revenue/GPU-hour, with open-sourced inference and revenue numbers. @NVIDIA via FirstSquawk is also in talks to invest hundreds of millions in Australian AI cloud provider Firmus.
How the story developed
Corporate AI token spending growth collapsed from 42% to 0.2% in two months per Ramp data, yet SMCI's blowout earnings and SpaceX's massive revenue guidance are repairing the bullish AI infrastructure narrative in the same session.
A cluster of earnings and reports this hour illuminate the AI infrastructure build-out: SpaceX, SMCI, and Amazon all signalling massive GPU and data center spending, while bond markets and analysts flag distressed financing risks in the sector.
By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.