Chief Investment Officer at Morgan Stanley Wealth Management
Noted that annual capital expenditure by hyperscalers on data centers is nearing $400 billion.
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AI data center investment accounts for 92% of US GDP growth in the first half of 2025, with the broader economy growing at only 0.1% without this spending, indicating potential economic stagnation masked by a capital-intensive AI compute arms race.
“Noted that annual capital expenditure by hyperscalers on data centers is nearing $400 billion.”