What’s at stake in AI’s trillion-dollar gamble

以下正文同步自 MIT Technology Review，版权归原站所有，已转换为易读排版。

- A trillion-dollar bet with no guaranteed payoff: Hyperscalers will spend nearly $1.1 trillion on AI data centers by 2027, but total AI revenues are only $150–200 billion this year. To break even by 2030, these companies need to grow their own productivity by a factor of 2.7.

- Three wagers, all of which we must win: Hyperscalers need massive revenues, AI must drive broad economic growth, and expensive frontier models must outcompete cheaper alternatives.

- Risk is quietly spreading everywhere: Much of hyperscaler spending will be financed with borrowed money, with debt woven into pension funds and insurance policies. As one economist puts it, "people don't even know they're holding this stuff."

- A crash may be coming—but AI will likely survive it: History suggests a financial retrenchment is inevitable. But as with the dot-com bust, the underlying technology could outlast the bubble, even if today's massive data centers do not.

" data-chronoton-post-id="1144028" data-chronoton-expand-collapse="1" data-chronoton-analytics-enabled="1">

When Jessica Wachter, a finance professor at the University of Pennsylvania’s Wharton School, wanted to assess AI’s impact on the economy over the next few years, she faced a long list of business and technical uncertainties. So she started with what she calls a “remarkable fact” that is not in question: A handful of so-called hyperscalers are investing huge amounts of money to build AI data centers.

Instead of trying to predict how useful and widely deployed AI models will be, she simply asked how fast the hyperscalers’ earnings will need to grow to justify their spending through 2027, when—she and her collaborator estimate—expenditures will reach nearly $1.1 trillion. It’s a no-nonsense accounting approach to making sense of today’s historical AI buildout.

The results are eye-opening: The AI companies will need to increase their own productivity by a factor of 2.7 to break even by 2030, accounting for the cost of capital, a 15% return, and depreciation of the assets. Not impossible, says Wachter. The result would lead to the kind of economic growth that we saw during the US IT boom over a period of about 10 years starting in the mid-1990s. But, she says, for it to happen by 2030, “that’s a lot of growth compressed into a few years.” And if the hyperscalers cannot meet such profit goals?

“Then they will fall behind on their interest payments, and that risks bankruptcy,” says Wachter, who was previously the SEC’s chief economist and director of its division of economic and risk analysis. If a productivity boom “fails to materialize,” she and her coauthor conclude in their research paper, “the current buildout will be the largest misallocation of capital in history.”

It doesn’t take superintelligence to realize that today’s large investments in the infrastructure for artificial intelligence come with huge risks. The hyperscalers will spend about $750 billion this year, building massive data centers scattered across the country. And the spending spree shows no signs of slowing. According to some projections, total AI capital investments from the hyperscaler companies—Alphabet, Microsoft, Amazon, Meta, and Oracle (which partners with OpenAI)—could be more than $5 trillion over the next four years.

It’s one of the largest capital investments by any industry in history. But there’s a problem that’s obvious to anyone paying attention.

While the hyperscalers plan to spend trillions, total AI revenues will be around $150 billion to $200 billion this year, says Gary Gensler, who ran the SEC during the Biden administration and is now a professor at MIT’s Sloan School. “The challenge is that the spending does not have commensurate revenues yet. That’s a fact,” he says. “And then the question is, is that an investment that will be paid off in the future?”

At stake in that trillion-dollar question is the financial health of the giant AI companies and the overall US economy—the investments could soon balloon to around 3% of GDP. The answer could also determine the fate of the hugely expensive data centers themselves.

No one really knows how profitable and useful these multibillion-dollar behemoths will be down the road. Though AI models have made dazzling progress over the last few years, it’s anyone’s guess how much compute capacity we will need. The technology could become more efficient and therefore less dependent on raw computational power. Or demand for AI products could slow, or customers could turn to cheaper models.

The risks, both to investors and to the economy, have become even greater this year, as these AI companies have begun borrowing large amounts of money to build more and more data centers. Free cash flow—operating cash flow minus capital expenditures—is expected to soon dip into negative territory for the group. Even Alphabet, known for generating and hoarding huge amounts of cash, reports in the latest quarter that its impressive revenues of nearly $120 billion were devoured by AI infrastructure spending, leaving it with a free cash deficit of some $5.9 billion—its first shortfall since Google went public in 2004.

In the near term, it’s not a big financial worry for most of the companies. They make a lot of money and have very deep pockets. But debt is expensive, and some investors are losing patience. If future demand for the data centers’ computation power drops, the companies will still be on the hook to pay back the borrowed money. What’s more, the risks are spreading to the rest of the economy as the loans get passed along via various financial mechanisms.

It won’t be enough to simply cover the enormous price tags of the new data centers. Hyperscalers will also have to pay for the rising costs of capital as they borrow more money. They will need returns that are impressive enough to justify all their spending to investors and creditors. And to add to those concerns, they will have to make up for the depreciation of billions of dollars in chips housed within the facilities—a ticking time bomb buried in the investments.

Performance of the expensive GPU chips at the core of the data centers—such compute electronics represent some 60% of costs—is roughly doubling every two years or so. The pace of progress helps explain the increasing wizardry of the AI models, but it comes with a cost. Owners of AI data centers that come online this year and next will need to spend billions more on the next generation of chips by the end of the decade if they want to stay competitive. Without the investments, says Mihir Kshirsagar at Princeton’s Center for Information Technology Policy, the data centers risk becoming “hulks,” stranded assets “scattered all over the place.”

To put it bluntly: The AI companies need to start making a lot more money. And they need to do it fast. But juicing their earnings alone still won’t be enough to sustain their data-center investments for the long term.

Productivity is everything

At some point, AI is also going to have to create broad economic growth to justify continuing the hyperscalers’ spending spree.

Sloan’s Gensler describes today’s large investments into AI infrastructure as “a parlay bet by the capital markets and the economy.” That means success will require winning three related but independent wagers: Hyperscalers must generate massive revenues, AI must boost widespread economic growth, and both must happen while the powerful but expensive so-called frontier models that rely on the data centers fend off cheaper versions, which many businesses might find good enough.

What makes this so tricky is that each wager depends on the other two but also poses its own challenges.

If the hyperscalers continue to spend huge amounts of money on data centers into the next decade, revenues will need to skyrocket into the trillions. Stijn Van Nieuwerburgh, a finance professor at Columbia Business School, bases his estimates on a scenario in which about 183 gigawatts of planned AI compute capacity is built between 2025 and 2032; he calculates that each gigawatt costs about $41 billion. Assuming a 10% return—the minimum that would be acceptable to most investors—“required” annual revenues will be roughly $3.7 trillion by 2032, he says.

Others get a similar number.

Winning the second part of the bet—productivity growth across the economy—will be crucial to achieving such numbers.

For a few years, AI companies could likely boost their revenues by simply selling subscriptions and tokens to all the businesses clamoring to get into AI. But eventually—and this might be happening already—those paying customers will need to justify their expenses by seeing bottom-line benefits from the technology. AI will need to fulfill its promise of making workers more productive and making businesses more efficient and profitable while expanding their products and services.

In economic jargon, that means customers will need to see productivity growth. Taken together, these results will mean the country is prospering and growing.

“If you don’t get the productivity gains, at some point people are going to sour on AI, and that will bring down investments and it would also limit revenue growth,” says Daron Acemoglu, an MIT economist and 2024 Nobel laureate. For the investments to be sustainable over, say, the next five to 10 years, we definitely “need to see productivity gains,” he says.

Most economists who watch the numbers closely agree that, for now, the economy-wide statistics show little or no productivity growth from AI. There are some hopeful signs it’s on the way, though. In a recent survey of some 6,000 senior business executives in the US, the UK, Germany, and Australia, the vast majority—around 90%—report no increase in productivity over the last three years. But they expect a boost of around 1.45% in total over the next three years; US executives anticipate a 2.25% bump over that time.

In a follow-up survey, the respondents also reported plans for their businesses to spend more on AI, leading the authors to anticipate some $280 billion in private-sector AI expenditures by the end of 2026.

That’s good news for the hyperscalers. But it comes with a dose of bad news for those worried about AI’s impact on jobs. The executives expect to increase the productivity of their companies by increasing their sales while significantly cutting the number of employees.

If AI improves productivity by destroying jobs, public backlash to the technology—the kind we have seen around data centers, for example—will likely get worse. Perhaps it’s worth adding one more wager to the parlay bet described by Gensler: The public and local communities must feel that they are also benefiting from the massive investments in AI.

And let’s not forget how interdependent these wagers are; if productivity growth comes from companies running models like DeepSeek, then the hyperscalers’ revenues could collapse. If productivity comes from cutting jobs, a public backlash could block many of the planned investments—and stunt anticipated revenues. We will need to win all the wagers for the hyperscalers’ bet to pay off.

We’re all part of the AI gamble now

It was one thing when the AI companies were spending cash they had accumulated over the years to build their own data centers. Then the risk was largely limited to their own balance sheets and shareholders. But it’s a higher-stakes game when much of the money is borrowed. Morgan Stanley, for one, calculates that more than half of the $2.9 trillion that hyperscalers will spend between 2025 and 2028 to build AI data centers will be financed with “external capital.”

The borrowing is leading some of the companies to engineer complex webs of financing that are becoming intertwined with much of the rest of the economy. “A lot of financial institutions, directly or indirectly, are exposed to these data centers either as lenders, or as guarantors of some of the debt, or as backers of the private credit funds who are funding these d

正文由 FLUX 从来源站点 RSS 同步，内容未经改写；遇到排版缺失或需要图片、视频时请以原文为准。