I wouldn't say that when the current CapEx of Samsung/Hynix/Micron was between 60%-100% of their operating profits as of 2025. That's consistent with the expectation that marginal reinvested capital earns will be well above the discount rate, and also with low relative risk aversion (obviously not to the extent of most other companies in tech, but when you have a comfy cartel and were burned by the 2022-2023 glut, that's still something).
The thing is that their profits are growing explosively in 2026 and 2027, so it looks pitiful compared to that, but not to their 2025 (and earlier) balance sheets. We still have to see if their conviction in the growth opportunity and risk tolerance will continue to the same extent, but I'd expect that it will if the likes of Anthropic/OAI continue to see huge revenue increases.
