AI infrastructure spending is the largest non-war project in human history

The article argues that current AI infrastructure spending is unprecedented, driving massive capex across large tech firms and likely reshaping markets. Major cloud and AI players—led by Google (primary focus), Amazon, Microsoft and Meta—are projected to spend $725 billion in 2026 (up 77% from $410bn). When including OpenAI, Anthropic, Chinese investment and energy/infrastructure costs, total 2026 AI-related spending is estimated at $900bn–$1.3tn. The author compares the scale to historical projects (interstate highways, Apollo) and wartime spending, suggesting this private-capex boom will have large, long-term economic and sectoral effects—supporting tech capex beneficiaries, infrastructure and power sectors, and potentially altering labor/productivity dynamics.