A new study by Columbia Business School professor Stijn Van Nieuwerburgh warns that the US artificial intelligence buildout will require over $10 trillion in investment through 2032, consuming 3.6% of GDP annually. This is more than previous major infrastructure projects like railroads or highways. The study, prepared for a Brookings Institution conference, highlights that financing has shifted from company cash reserves to complex external arrangements, increasing leverage and systemic risk. It draws parallels to the subprime mortgage crisis and notes that AI revenues would need to grow 80% annually to justify the investment.
We’ll perform a deep-dive analysis of all sources and publicly available external materials, then prepare a structured timeline of events, an in-depth report explaining the background and context, and multiple perspectives.