Wall Street's AI Boom Just Reached a Dangerous Milestone. History Says the Winners Could Change. - AOL

Wall Street’s rush into AI has reached a high-stakes point, with the article arguing that today’s market favorites may not be the ultimate winners. It notes that the AI build-out has drawn hyperscalers, semiconductor makers, memory providers, cloud companies, and equipment suppliers. A Columbia University estimate puts cumulative AI infrastructure investment and spending at about $9 trillion from 2025 to 2032, and suggests it must generate more than $3.5 trillion in annual revenue by 2032 just to break even. The piece compares this phase to “Act 1” R&D, and warns that winners could emerge from outside the biggest spenders, using analogies to the late-1990s internet and 1800s railroads.