That timing, the AI capex depreciation risk, hasn’t hit the income statement yet. The AI capex depreciation missing from today’s numbers is exactly what those rising estimates are quietly assuming away. What’s different this cycle is the sheer scale of the spending, and the eventual AI capex depreciation is being overlooked. It becomes an earnings cost later, once the equipment goes into service and the AI capital depreciation clock starts. The AI capex depreciation wave is coming.