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The Nasdaq Composite Index has slipped nearly 3% this week as Wall Street frets over whether the trillions of dollars
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Goldman Sachs estimates tech companies will spend $7.6 trillion through 2031 to build thousands of new data centers to power the rise of AI.
Key facts
- Goldman Sachs estimates tech companies will spend $7.6 trillion through 2031 to build thousands of new data centers to power the rise of AI
- That reluctance is coupled with what polls show are major public concerns with AI: 40% of adults think the technology will be a negative societal force over the next two decades, versus 16%
- The Nasdaq Composite Index has slipped nearly 3% this week as Wall Street frets over whether the trillions of dollars going into artificial intelligence will deliver the revenue and profit growth
- As with that earlier boom-and-bust cycle, the AI landscape is likely to yield uneven outcomes, according to Qian Wang, global head of capital market research at Vanguard, and senior global economist
Summary
This week's selloff in technology stocks underscores a gnawing anxiety among investors: What happens if you throw a big party and few people show up? The Nasdaq Composite Index has slipped nearly 3% this week as Wall Street frets over whether the trillions of dollars going into artificial intelligence will deliver the revenue and profit growth needed to justify that exorbitant cost. "There's concern around how much hyperscalers are turning to debt markets to finance the infrastructure buildout," Kate Brennan, associate director of independent research institute AI Now, told CBS News, referring to the tech companies driving the torrent in AI capital spending, Alphabet, Amazon, Meta, Microsoft and Oracle. She added, "The returns are not coming in, and the claims that are being made, in terms of efficiency or productivity numbers, are not netting out.