Several super CAPEX cycles in U.S. history:

1880s Railroad Era → 6% of GDP

1920s Electrification Era → 4% of GDP

1960s Cold War Military-Industrial Complex → 3% of GDP

2026 AI Infrastructure Era → 2% of GDP (still accelerating)

Each round of infrastructure expansion at this level

ultimately gave birth to a group of long-term, era-defining winners.

$Chevron(CVX.US) $Union Pacific(UNP.US) $GE Aerospace(GE.US) $AT & T(T.US) $RTX(RTX.US) $Lockheed Martin(LMT.US)