Dan Ives: AI Infrastructure Cycle Only in Third Inning

Ives' framing matters less for its baseball metaphor than for the bottleneck he identifies: supply, not demand. If backlog and remaining performance obligations outpace revenue, the constraint sits in capacity buildout rather than buyer appetite, which shifts the near-term question from whether AI capex continues to whether it can be physically delivered. Services demand running ahead of hyperscaler supply also implies pricing power sits with whoever can provision compute, a dynamic worth tracking as the cycle matures.