We think both these can credibly (albeit gradually) crack prevailing capex yield/ROIC pessimism – the singular investment case overhang post-print. Discussion details inside. What’s next? — While we didn’t get a sense of how “enduring” or intense this capex cycle may prove to be through CY27E, what was clear is AKAM is investing ahead of highly-qualified levels of CIS demand. However, in the absence of catalysts beyond earnings, and investors still digesting starkly negative EPS/FCF revisions, we’d expect shares to remain range-bound which we consider in our Neutral rating, while recognizing the steady debunking of key fears (“1:1 revs-to-capex” ratio still holding) and adherence to topline acceleration goals are intriguing ingredients for a narrative shift, and potentially a structural re-rating for this asset.