The agent economy is not being enabled by software; it is being bottlenecked by hardware. While the popular imagination fixates on autonomous code orchestrating value, the actual mechanism of the current market is far more terrestrial. If you cannot power it, you cannot run it. This is the governing rule of the AI era, and it is currently forcing the world's largest technology firms into a capital expenditure arms race that defies historical precedent. Capital allocation is the primary signal for where value is expected to accrue. When the top five US hyperscalers project a combined capital expenditure of $660 billion to $725 billion for 2026—nearly double their 2025 outlays—they are not betting on a speculative future. They are building a utility.
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