📈 Making sense of the AI capex logjam

For the research and modeling behind this analysis, see our 2026 State of the AI Economy Report.Based on current guidance, the seven largest AI-infrastructure builders1 expect capital expenditure of $863 billion in 2026 – 88% more than last year. We estimate that roughly two-thirds, some $550 billion, will be AI-related. That investment does not begin affecting earnings through depreciation as soon as a project starts. While infrastructure is being built or assembled, the attributable costs are ...