Global investment in AI infrastructure is projected to reach a record $31.6 trillion through 2050, while annual data-center capital expenditures are forecast to increase from roughly $800 billion in 2026 to $1.8 trillion in 2050. Companies including Meta (META), Google (GOOG) and Microsoft (MSFT) are investing billions to expand their AI capabilities. Goldman Sachs chief economist Jan Hatzius said at the firm's Communacopia & Tech conference that spending will eventually slow as the industry moves from an investment phase into an exploitation phase, and warned that some investments may prove unproductive. PwC said frequent upgrades to chips and other internet-connected equipment will help drive further investment, making AI infrastructure a major capital-allocation issue spanning technology, energy, real estate, supply chains, regulation and financing.