While higher rates have hammered traditional construction spending — down $10 billion since December 2023 — data centers have added $4 billion.
AI infrastructure is living in a different economy right now. The capex party continues while everyone else deals with the hangover.
This divergence won't last forever. Either AI spending justifies itself with actual revenue, or reality catches up. History says when one sector completely ignores rate cycles, it usually ends badly.
For now, the gap widens.
AI infrastructure is living in a different economy right now. The capex party continues while everyone else deals with the hangover.
This divergence won't last forever. Either AI spending justifies itself with actual revenue, or reality catches up. History says when one sector completely ignores rate cycles, it usually ends badly.
For now, the gap widens.
