denisik11/iStock via Getty Images Listen below or on the go on Apple Podcasts and Spotify Hyperscaler capex looks better when compared to AT&T’s Depression spending . (0:15) Intel gains after SK hynix partnership report . (2:08) Inspire Brands preps for one of history’s largest restaurant IPOs . (2:45) This is an abridged transcript of the podcast: Our top story so far, Wall Street is increasingly nervous about hyperscaler capex. The combined capital expenditure of Amazon ( AMZN ), Microsoft ( MSFT ), Alphabet ( GOOG ) ( GOOGL ), and Meta ( META ) was just over $200B in 2024. Two years later it is on track to approach $700B. Free cash flow at those four companies slipped to about $200B last year, down from $237B in 2024, as the AI build-out accelerated. The question investors are asking: what happens if the economy turns? History offers a partial answer from an unlikely source.…