Tech giants have plowed trillions into AI infrastructure, but investors are questioning whether demand will justify the tab. A market pullback this week reflects mounting doubts as Goldman Sachs pegs industry capex at $7.6 trillion through 2031 and hyperscalers tap debt to fund data centers. Surveys show consumers reluctant to pay for AI, businesses struggling to find ROI, and public skepticism rising. Analysts liken the moment to the late-’90s internet boom: winners will emerge, but volatility will be the rule. Yardeni Research’s “capex payback” analysis suggests OpenAI and Anthropic aren’t yet covering commitments, though 2030 projections could pencil out—if revenues scale and compute becomes more efficient.
