빅테크 실적 발표 주간, 시장이 빅테크에 던진 새 기준 “CapEx ≥ 매출 가시성”

The market has established a new valuation benchmark for Big Tech, demanding that massive AI Capital Expenditure be justified by tangible proof of revenue such as Cloud backlogs. This shift highlights a critical disconnect between the booming semiconductor infrastructure cycle and the nascent AI application market, signaling that long-term success depends on building sustainable revenue engines in specialized B2B sectors.