Something wild is happening with US tech spending right now.

Tech and related companies are burning through capital at levels we've never seen. They're eating up 45% of all S&P 500 CapEx. Forty-five percent. Let that sink in.

Over the past decade? This number jumped roughly 20 percentage points. That's not gradual shift—that's a structural transformation in where corporate America parks its money.

Here's the kicker: even during the 2000 Dot Com madness, tech CapEx only peaked around 39%. We've blown past that threshold.

Meanwhile, commodity sectors are getting squeezed out of the capital allocation game. The contrast couldn't be sharper—Big Tech is doubling down while traditional industries watch from the sidelines.

This isn't just another cycle. The concentration of capital firepower in tech infrastructure tells you where the real bets are being placed.