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DC Lite #419
"The largest AI firms’ capex has mushroomed to 1.3x EBITDA on a trailing 12-month basis"
Daily Chartbook
August 12, 2025
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Welcome back to DC Lite: Daily Chartbook’s free, entry-level newsletter containing 5 of the day’s best charts & insights.
1. Sticky CPI. Sticky CPI—which measures a basket of items that change price slowly—accelerated for the second straight month to 3.4% (highest since February).
2. Alt inflation. "Subbing in an average of more real time shelter shows: Alt Headline CPI: 2.7% becomes 1.84%. Alt Core CPI: 3.1% becomes 1.95%."
3. Ether ETF flows. Ether ETFs raked in over $1bn on Monday, the largest single-day inflow on record by a wide margin.
4. Investment Manager Index. "Investor risk appetite turns negative after brief rebound in July ... That said, the August survey has shown that earnings expectations have notably improved since the previous quarter."
5. Capital intensity. "The largest AI firms’ capex has mushroomed to 1.3x EBITDA on a trailing 12-month basis, compared with the 50% average for the rest of the companies in the S&P 100."
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