a16z's David George, Sarah Wang, Alex Immerman, and Santiago Rodriguez on the State of Markets, from AI and infrastructure to the next investment cycles: 1. Tech is the everything cycle. High-tech equipment, software, and R&D are now about 55% of US capital spending, and the AI buildout just passed the railroads as a share of GDP. The five largest hyperscalers will spend about $780B on capex this year, heading past $1T in 2027, and demand still outstrips supply at every point in the…