AI Companies Are Spending Billions Before They Even Make a Dime

▤ Summary

This article argues that major AI companies are spending enormous sums on infrastructure, compute capacity, and expansion before their business models fully mature. It highlights estimates of trillions in future data center spending and notes that most corporate AI initiatives have not yet shown measurable ROI. The piece also points to upcoming earnings updates as a near-term test of whether spending is aligning with results. It frames the AI boom as a broader financial-market issue that could affect debt markets, pensions, and indexes.

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