U.S. investment in artificial-intelligence infrastructure is projected to total $10.3 trillion from 2025 through 2032, potentially making it the largest single-industry investment in the nation’s history. The estimate, produced by Columbia University economist Stein van Nieuwerburgh in a study published by the Brookings Institution, covers servers, semiconductors, data centers, and power and communications networks but excludes spending already completed. Annual investment would equal 3.63% of U.S. GDP, exceeding the shares recorded during the railroad, highway, internet-network, and canal-building eras. The expansion is already lifting data-center construction and AI employment, while critics warn of higher electricity costs, inflation, resource competition, and opaque financing through joint ventures, private loans, and special-purpose entities.