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In the 1990s, massive spending on the dot-com build-out starved other sectors for capital. Now, the focus on AI and data centers might similarly impact other industries, raising the cost of capital and making it difficult for non-AI ventures to secure funding.

The U.S. financial markets' ability to finance large-scale projects, like data centers, is a significant asset that could be leveraged for manufacturing.

Zach Dell argues that the current AI revolution is driving a generational increase in electricity demand, leading to a massive buildout of data centers. He believes this is the largest industrial buildout in U.S. history, which presents both challenges and opportunities for energy innovation.

Data centers are currently a significant investment, but their financing could lead to economic instability if not managed properly.

The cynical take is that we're replicating the Chinese housing bubble, but instead of housing people, we're housing computers. Data center spending accounted for half of GDP growth in 2025. Without this bubble of excitement about AI, we'd be in trouble.

Data centers and the financing of AI infrastructure could lead to economic disruptions if financing outpaces revenue, similar to past telecom and railroad booms.

The U.S. needs to address regulatory bottlenecks that hinder manufacturing growth, particularly environmental and permitting issues.

The U.S. financial markets enable large-scale investments in data centers, a model that could be applied to manufacturing.

Half of all GDP growth in the US this year is attributed to AI, which is insane compared to just a year or two ago. It's an economic transformation story.

Data centers are experiencing a boom similar to past CapEx booms in America, like railroads and telecoms, which could lead to a crash if finance outruns revenue.