The investment bank's revised hyperscaler capex projections signal a massive infrastructure buildout that increasingly overlaps with crypto mining and GPU compute markets. Wells Fargo independently arrived at a similar conclusion, estimating that just the top four cloud providers could hit $1.1 trillion in AI infrastructure spending by 2027. Where the money is actually goingApproximately 75% of this hyperscaler spending is expected to stem from AI infrastructure demands. AdvertisementMorgan Stanley had previously anticipated global AI spending on public cloud to reach $328 billion by 2025. A trillion-dollar infrastructure buildout requires enormous amounts of electricity, and many of these data centers are being sited in the same regions where crypto miners already operate.