Data Centers Are Being Rebuilt: When "Inference" Costs More Than "Training," AI Infrastructure's Investment Logic Flips Upside Down

Over the past few years, the AI industry's capital expenditure narrative has centered almost entirely on one picture: labs pouring billions of dollars into building bigger training clusters, stuffing more compute and more data into models, trading that for the next generation's capability gains. But as reasoning models have risen, that picture is being rewritten — the capital expenditure line...