Right now, every headline, every analyst, every dinner-table conversation is fixated on the same thing: artificial intelligence.

But according to Wall Street's forensic accountant Joel Litman, the biggest wealth transfer since the internet boom isn't happening where the crowd is looking.

It's being engineered quietly in Washington — and Joel says November 27 is the day to watch closely.

If that name is new to you, Joel is the man who told a room full of Wall Street analysts, months before Lehman Brothers collapsed in 2008, exactly what was coming. In early 2020, he saw the COVID crash forming weeks ahead of time — then identified the bottom almost to the day.

His methods have been used to train FBI financial investigators, his forecasts have been requested by the Pentagon, and BlackRock has tried to hire him twice.

And Joel says what he has found now makes those moments look small. This is a $10 TRILLION rebuild of American industry — the kind of top-to-bottom shift that hasn't happened since the Second World War.

The stocks positioned to benefit may surprise almost everyone. They're not the AI names on CNBC.

Joel just recorded a full briefing walking through everything — the government's quiet buying spree across American industry, the 250-year-old warning that explains why it's happening, and the names sitting directly in the path of the money. The mainstream press hasn't touched this story. He tells it from the beginning.

See the full story now – and decide which side of this $10 trillion shift you want to be on, before it all unfolds.

Regards,

Rob Spivey
Managing Director, Altimetry

P.S. One thing Joel makes clear: this shift doesn't just create winners. He believes it exposes widely held stocks – names sitting in millions of retirement accounts right now – that could be quietly rotting underneath. You may own one without knowing it. His video explains what he's seeing. See it here.

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Roughly 75% of Hyperscaler Capex in 2026 Is AI-Related, Representing About $450 Billion — and a Key Detail Sits Underneath It: Many of These Assets Have Short Useful Lives. The Depreciation Arrives on Schedule Whether or Not the Revenue Does.

Approximately 75% of aggregate hyperscaler capital expenditure in 2026 is allocated to AI-related infrastructure, representing roughly $450 billion of AI-specific spending on GPUs, CPUs, memory, data centres, and networking equipment. A key detail underneath that allocation is the short useful life of many of these assets — a characteristic that determines how quickly the spending converts into an expense on the income statement.

Depreciation is where a capital decision becomes an earnings problem on a fixed timetable. An asset with a three-to-five-year useful life writes itself off against revenue over that period regardless of whether the revenue materialises, which means the profit-and-loss impact of the 2026 buildout lands substantially within the forecast horizon rather than at some distant point. That timing interacts badly with the revenue requirement: Bain calculates that justifying this capital needs roughly $2 trillion in new AI revenue by 2030 against a baseline near $20 billion. Useful-life assumptions are also a management judgement rather than a fixed rule, and companies have historically extended server lives to smooth reported earnings — which makes the assumption itself worth reading in the footnotes rather than taking as given. The composition matters too: data centre shells and power infrastructure depreciate over decades, while the GPUs inside them do not, so a single capex figure blends assets with very different expense profiles.

For the investor, depreciation schedules explain something that otherwise looks contradictory — how a company can be building assets that are fully utilised and still report deteriorating margins. Utilisation determines whether the capacity is useful; the depreciation schedule determines when the cost shows up, and those two facts are independent. The practical consequence is that the earnings pressure from the 2026 buildout is largely already determined and will arrive in 2027 and 2028 reports regardless of how demand develops from here. The disclosure worth reading is the useful-life assumption in each company's filings, and specifically any change to it, because an extension is the most common way this pressure gets deferred rather than resolved.

Sources — Wright Research, May 18, 2026 · Bain & Company via Medium, December 17, 2025

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