1232 ET - The most recent earnings cycle for hyperscalers and cloud service providers suggests that returns on artificial-intelligence investments are improving, JPMorgan analysts write in a note. "The bottom line here is that while it may still be too early to declare victory on AI capex ROI, the green shoots are clearly evident," they write. Commentary from Google, Microsoft, and Amazon points to stronger demand visibility and attractive returns for incremental capacity deployments, with Amazon's commentary in particular implying that investments in servers and networking break even in two or three years. "These trends suggest that prior capital investments may now be translating into stronger backlogs, accelerating cloud business growth, and improving cloud business profitability, though the durability of these benefits remains to be seen," the analysts write.