The AI capex trade is usually discussed like one clean idea. Capex simply means capital expenditure, or the money companies spend on long-term assets like data centers, chips, servers, power systems, and other infrastructure. NVIDIA. Hyperscalers. Data centers. Power demand. Everything gets pushed into the same bucket and called "AI infrastructure." But I don't think this is very useful anymore. Capex doesn't move through the market as a headline. It moves through a chain. A cloud company decides to spend more on AI infrastructure, but that spending has to pass through chips, semiconductor equipment, servers, networking, data centers, power systems, cooling, and construction before it becomes usable compute. That's where the story gets more interesting. The obvious AI names still matter, but they're not the whole map.…