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Capital cycleConfidence · MediumAugust 12, 2026

AI infrastructure becomes the decade's defining capital cycle

Importance · 5/5Sources · 1

Forecasts continue to point to trillions of dollars of spending across compute, data centres, grid capacity, and cooling systems through the end of the decade.

The opportunity reaches far beyond chipmakers. Utilities, construction firms, landlords, and equipment suppliers are all being pulled into the economics of AI demand.

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AI capex fixture

Goldman fixture · Published: Aug 12, 2026, 4:15 PM