📈 US technology CapEx spend has been massive:
In 2025, tech CapEx as a % of GDP nearly matched the COMBINED scale of the largest capital projects of the 20th century. This comes as Big Tech CapEx rose to 1.9% of GDP last year.
By comparison, nationwide broadband development at the beginning of the century made up 1.2% of GDP. The rapid expansion of electricity in 1949, the Apollo Moon Landing project, and the Interstate Highway system in the 1960s each represented 0.6% of GDP. The Manhattan Project to develop the first atomic weapons in the 1940s totaled 0.4% of GDP.
The AI investment rush
In 2025, tech CapEx as a % of GDP nearly matched the COMBINED scale of the largest capital projects of the 20th century. This comes as Big Tech CapEx rose to 1.9% of GDP last year.
By comparison, nationwide broadband development at the beginning of the century made up 1.2% of GDP. The rapid expansion of electricity in 1949, the Apollo Moon Landing project, and the Interstate Highway system in the 1960s each represented 0.6% of GDP. The Manhattan Project to develop the first atomic weapons in the 1940s totaled 0.4% of GDP.
The AI investment rush
