Tech infrastructure buyers are terrified of looming AI component inflation and are actively damaging their own near-term cash flows just to secure physical server supply all the way out to 2029.


- Zscaler (ZS) intentionally crushed its quarterly cash flow by pulling forward $218 million to stockpile hardware.

- Docusign (DOCU) protected massive margins by keeping AI processing internal rather than paying external cloud tolls.

- Lululemon (LULU) used a perfectly timed $134 million tariff refund to cover up collapsing leggings volume.


Beneath the headline earnings beats, capital is rapidly locking up on factory floors to delay margin destruction.

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