Capital Intensity

Investor doubt about Elon Musk isn’t about his vision—it’s about whether any single enterprise can command enough capital to turn that vision into defensible ownership. The real danger? The underlying investment class—hyperscale data centers and AI infrastructure—may be fundamentally uninvestable. Even a perfectly executed Musk could be trapped inside a sector where the capex race benefits only the suppliers, not the capital providers. The next repricing won’t be about Musk alone.