IT ALREADY RANKS among the biggest investment booms in modern history. This year America’s large tech firms will spend nearly $400bn on the infrastructure needed to run artificial-intelligence (ai) models. OpenAI and Anthropic, the world’s leading model-makers, are raising billions every few months; their combined valuation is approaching half a trillion dollars. Analysts reckon that by the end of 2028 the sums spent worldwide on data centres will exceed $3trn.
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This article appeared in the Leaders section of the print edition under the headline “The $3trn bet on AI”
From the September 13th 2025 edition
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