The AI buildout is a two-sided macro bet that workers lose on either side. Investment is projected at about $10.3 trillion over 2025 to 2032, about 3.6% of US GDP a year. If the industry earns the roughly $3.7 trillion a year needed to repay it, income shifts sharply to capital; if it does not, a crash costs output and jobs. The construction jobs the buildout has created are part of the bet, not evidence it pays off.

Evidence 5 passages

• groundsUntitled source

  projects that AI investment in data center buildings, power systems, networking infrastructure, and specialized chips and other equipment will total an enormous $10.3 trillion from 2025 to 2032, or an average of 3.63% of U.S. gross domestic product per year.

• groundsUntitled source

  off-balance sheet structures matter ... because they may make correlated exposures hard to observe before a downturn.

• qualifiesUntitled source

  Add it all up, and The Economist estimates that ai has so far created around 1m new jobs in America. That easily exceeds the roughly 200,000 lay-offs attributed to ai since mid-2023

• groundsUntitled source

  The Economist tracked five industries at the heart of the data-centre build-out, from electrical contracting to equipment manufacturing. Since 2023 employment in them has risen by roughly 320,000 more than broader construction and manufacturing trends would suggest

• qualifiesUntitled source

  He reckons roughly 1% of professional jobs are now “ai jobs”—on the order of 1m positions in America.

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