Is the AI Spending Bubble About to Burst? 250 Years of Market History Say No

Artificial intelligence spending is racing toward levels once considered unimaginable. Yet 250 years of market history suggest the boom may have considerably further to run before financing pressure, higher rates or an outside shock finally brings it down. AI Spending Has Entered a New PhaseThe artificial intelligence boom began as a technology story. It has evolved into one of the largest capital investment cycles in modern history.Since 2024, companies have poured hundreds of billions of dollars into semiconductors, power infrastructure, data-center construction and networking equipment. Amazon, Alphabet, Meta Platforms and Microsoft are expected to spend roughly $700 billion on capital...