The Minutes of Gavin Baker on capex https://minutesof.com/gavin-baker/on/capex/ Everything Gavin Baker has said on capex: 9 verbatim quotes between January 2022 and August 2026, each with a timestamp and a link to the recording it… en Sun, 30 Aug 2026 16:21:42 +0000 Baker argues that whether AI buildout is funded by debt or cash flows is critical for bubble risk. https://minutesof.com/q/736a31d5-7520-41fc-a660-bf0bf6e99fde/ https://minutesof.com/q/736a31d5-7520-41fc-a660-bf0bf6e99fde/ “And a very important distinction we will come to is whether or not that build out is funded out of debt or cash flows. It's a critical distinction for AI.” — Generating Alpha Podcast Wed, 08 Jul 2026 15:54:53 +0000 capex Baker notes Amazon spent more on CapEx in two years than in the preceding twenty years. https://minutesof.com/q/8e03624f-6573-45dc-bc4b-f5a969338ad1/ https://minutesof.com/q/8e03624f-6573-45dc-bc4b-f5a969338ad1/ “It's not a comment on Amazon. It's just a comment on the supplier response. They have spent more money on CapEx in the last two years than they did in the preceding twenty years.” — Invest Like the Best Tue, 25 Jan 2022 09:00:00 +0000 capex Baker provides specific numbers showing Amazon's CapEx jumped from $62B over 20 years to $87B in just two year https://minutesof.com/q/b84158be-ed2c-48d3-9a32-4f05c66c9f6f/ https://minutesof.com/q/b84158be-ed2c-48d3-9a32-4f05c66c9f6f/ “From 1999 to 2019, they spent $62,000,000,000 on CapEx. They're going spend $87,000,000,000 in 2020 and 2021. That's crazy.” — Invest Like the Best Tue, 25 Jan 2022 09:00:00 +0000 capex Baker says Taiwan Semi will spend more on CapEx in 2021-2022 than in the preceding five years. https://minutesof.com/q/7a681575-6b62-4f6b-85d9-b4d3dbcbb0f8/ https://minutesof.com/q/7a681575-6b62-4f6b-85d9-b4d3dbcbb0f8/ “Taiwan Semi, their 2022 CapEx is going to be many multiples of 2019. 2021 and 2022, they'll spend more than they did in the preceding five years.” — Invest Like the Best Tue, 25 Jan 2022 09:00:00 +0000 capex Baker notes Taiwan Semi will spend more on CapEx in two years than in the preceding five years. https://minutesof.com/q/5f67ed17-6c25-42ca-bee5-a83df3dad7b2/ https://minutesof.com/q/5f67ed17-6c25-42ca-bee5-a83df3dad7b2/ “Taiwan Semi, their 2022 CapEx is going to be many multiples of 2019. 2021 and 2022, they'll spend more than they did in the preceding five years. So there is a massive supply response coming.” — Invest Like the Best Tue, 25 Jan 2022 09:00:00 +0000 capex