Could the AI Data Centre Boom Turn Into a $9 Trillion Bust?

The Financial Times examines whether the extraordinary capital investment pouring into AI data centers. projected to reach nine trillion dollars. could become one of the most significant asset bubbles in modern economic history. The analysis centers on a core tension: AI infrastructure spending is accelerating based on forecasts of AI demand that are not yet reflected in revenue at most companies deploying the technology. Hyperscalers, chip manufacturers, and energy companies are committing to multi-year capital programs based on assumptions about AI adoption that remain unproven at scale. The FT notes that while the AI boom differs from the dot-com bubble in important ways. infrastructure built now has real physical utility. the mismatch between capital deployment and demonstrated economic return is a structural vulnerability. If AI monetization timelines slip significantly, the write-downs could be historic.