, Columnist
The Real Winners of the Coming Capex Tsunami
Recession talk may be blinding investors to a massive wave of battery and chip spending.
Biden visits the new Intel semiconductor plant.
Photographer: Andrew Spear/Getty Images North AmericaThis article is for subscribers only.
Slumping housing markets, China’s stuttering economy and incessant recession talk risk distracting investors from a gathering tailwind: a nascent and remarkable transformation in US and European capital spending. Capex is back and “old economy” heavy equipment, factory-automation and materials companies will be among the winners.
Morgan Stanley has described the coming wave as the “mother of all capex cycles.”