There was also the Section 174 US tax law changes for 5-year amortization of R&D and software dev salaries, which started in 2022. Presumably the rolling deduct

There was also the Section 174 US tax law changes for 5-year amortization of R&D and software dev salaries, which started in 2022. Presumably the rolling deductions means that by 2027, companies would have an aggregate deduction approximating the pre-2022 status quo. That could mean 2 more years of LLM CapEx running air cover for engineer labor OpEx tax policy, which ironically puts humans and servers/GPUs/robots/AI on a comparable depreciation schedule. Meanwhile, an LLM subscription would be immediately deductible, while the developer's salary would require 5 years, https://news.ycombinator.com/item?id=34627712 https://news.ycombinator.com/item?id=34627712