Technically, capex should be more one-off than recurring.
Phone used to be a “capex” item. You won’t buy a phone every other year, before the iPhone era. Apple’s P/E multiple expanded when it transformed the category into a more “recurring business”.
In the early stage of AI training, people spend whatever is needed on chips capex. This is due to the increased performance of AI GPUs and thus the efficiency of training. However, after this growth era, I think this is still more of a “capex” item thus the growth should normalize later. Inference is another thing though.
Robots should be capex ultimately. However, in the initial adoption stage, which hasn’t arrived yet, we should see a growth that makes people forget this is a capex category. Then there will be a period of doubt, like when Buffett purchased Apple. And hopefully, the leading robot company by then can transform robot into a “recurring” category like Apple did for smartphone.