Fable meta-analysis on AI capex monetisation
Is compute ownership a moat, a treadmill, or neither?
Synthesising 24 Substack posts (17 June–2 July 2026), with sell-side and institutional commentary woven in under external tags.
Consensus states:
Forming on: power as the risk-adjusted expression of the AI trade.
Breaking on: the compute-owner story, now fracturing three ways rather than two — pricing-power bulls (Ren), depreciation bears (The Coastal Journal ), layer-agnostics …
