Tech giants are expected to spend trillions of dollars on AI infrastructure in the coming years, racing to build data centers, chips, and energy capacity needed to support the technology. The AI arms race has accelerated sharply since those remarks, with Microsoft (NASDAQ: MSFT), Amazon (NASDAQ: AMZN), Alphabet (NASDAQ: GOOG), and Meta among the companies leading massive capital spending campaigns. Ruchir Sharma captured the stakes bluntly in the Financial Times, writing, “America is now one big bet on AI,” adding that “AI better deliver for the U.S., or its economy and markets will lose the one leg they are now standing on.”