Even at rates well below those of a year ago, today's investment still likely exceeds by a significant margin the pace at which capital is depreciating. Thus, the stock of capital, at least for the economy as a whole, probably is still expanding at a brisk pace.
We can say with a reasonable degree of confidence that the investment cutback of recent quarters demonstrates that businesses did not want to continue adding to their capital stocks at quite the pace that they were a while back. But whether the stock itself is too large is a different question and one to which the answer is less clear.