AI infrastructure is literally the only thing being built right now.
Since December 2023:
Data centers: +$4B
Everything else: -$10B
High rates have frozen traditional construction — offices, retail, residential, you name it. Developers can't make the math work. Projects shelved everywhere.
But AI? Doesn't care about rates. The hyperscalers are building no matter what. The capex arms race is real.
This is what a structural shift looks like in real time. One sector completely decoupled from the rest of the economy.
Wild divergence.
Since December 2023:
Data centers: +$4B
Everything else: -$10B
High rates have frozen traditional construction — offices, retail, residential, you name it. Developers can't make the math work. Projects shelved everywhere.
But AI? Doesn't care about rates. The hyperscalers are building no matter what. The capex arms race is real.
This is what a structural shift looks like in real time. One sector completely decoupled from the rest of the economy.
Wild divergence.
