The key is no longer AI demand, but AI economics.
For Amazon, I want AWS growth to accelerate while capex growth stabilises, with operating cash flow eventually pulling free cash flow back up. Spending more only works if AWS profits grow faster with it.
For Intel, I want data-centre/AI revenue growth accompanied by improving gross margins and foundry economics, not simply higher AI-related sales.
For SanDisk, strong AI/data-centre storage demand should translate into higher volumes, sustainable pricing, margin expansion and free cash flow.
Across all three, the ultimate test is simple: rising AI revenue + improving margins + stronger FCF without capex having to rise just as quickly. If cash generation consistently outruns incremental investment, the AI boom is creating economic value rather than just moving money around the supply chain.
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