# Signal over Noise: What US history tells us about AI capex

Page: https://stenobird.com/podcast/ubs-on-air-market-moves-2992243/signal-over-noise-what-us-history-tells-us-about-ai-capex
Text version: https://stenobird.com/podcast/ubs-on-air-market-moves-2992243/signal-over-noise-what-us-history-tells-us-about-ai-capex.md
Podcast: [UBS On-Air: Market Moves](https://stenobird.com/podcast/ubs-on-air-market-moves-2992243)
Published: 2026-06-29T07:39:00+00:00
Episode link: https://www.ubs.com/content/dam/podcasts/wma/260628-signal-over-noise.mp3
Audio file: https://www.ubs.com/content/dam/podcasts/wma/260628-signal-over-noise.mp3
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JSON: https://stenobird.com/v1/public/podcasts/ubs-on-air-market-moves-2992243/episodes/signal-over-noise-what-us-history-tells-us-about-ai-capex
Duration seconds: 493

## Resource

This episode explores what historical US innovation can teach us about the trajectory of AI CapEx. Drawing on the 250 years of US innovation series, it looks at three key lessons from past capital cycles, from railroads to electrification to the internet. It highlights how innovation cycles tend to follow a similar pattern, how competition drives investment dynamics, and where value ultimately emerges in the application layer.

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## Transcript

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