Programmers spent their time on reviewing AI outputs, prompting AI systems, and correcting AI-generated code. Financial investor Paul Kedrosky finds that capital expenditures on AI data centers (in 2025) have passed the peak of telecom spending during the dot-com bubble (of 1995-2000). Blackstone calls data centers one of its “highest conviction investments.” Wall Street loves the lease-contracts of data centers which offer long-term stable, predictable income, paid by AAA-rated clients like AWS, Microsoft and Google. “Are we in a phase where investors as a whole are overexcited about AI?” Altman said during a dinner interview with reporters in San Francisco in August. America’s High-Stakes Geopolitical Get Gone WrongThe AI boom (bubble) developed with the support of both major political parties in the U.S.