The Revaluation of 3x Multiples in the Technology Sector Amid AI Capex Scrutiny

The market is facing a critical inflection point. Major cloud providers are spending approximately $700 billion annually to build AI-related infrastructure, leading to increasing skepticism about the viability of these colossal investments. According to market analysis by NS3.AI, investor sentiment has shifted toward caution, questioning whether the return on investment will justify these sustained expenses. In this uncertain environment, re-evaluating 3x multiples has become a key indicator of changing sentiment within the ecosystem.

The Magnificent Seven: Deep Corrections and Recalibration of 3x Multiples

The most prominent tech sector companies, especially those grouped under the so-called Magnificent Seven, are experiencing significant pullbacks. Microsoft stands out as the most notable example, with sustained declines in its valuation multiples. This recalibration reflects market caution about whether the capital expenditures invested in AI will translate into proportional future gains. The 3x multiples—and their variations—that once reflected excessive optimism now serve as barometers of real profitability expectations.

The Gradual Shift: Integrating AI into the Blockchain Economy

Meanwhile, the crypto space is undergoing a quiet yet significant transformation. Bitcoin miners and blockchain-based payment solutions are progressively incorporating AI capabilities through long-term agreements and machine-to-machine architectures. This shift represents a strategic diversification within the ecosystem, where AI is no longer just a subject of speculation but a concrete operational tool. The convergence of blockchain technology and algorithmic capabilities is redefining value metrics in the sector, including how 3x multiples and other performance measures are conceptualized.