Most new tech has insane P/E multiples for a time, for me the litmus test between "capex is high but but within a few multiples" and "capex is insanely overbuilt, ahh collapse etc" is whether revenue growth continues its trend line. I appreciate this is probably giving more grace to the bulls than its worth, but as they say, the market can remain irrational longer than you can stay solvent.

Btw the $2T/year number is just wrong, thats higher than current capex.