If it Ain’t AI, it Ain’t Working

No theme in the past decade has captured attention and capital like the proliferation of Artificial Intelligence (AI) across everyday life. The AI infrastructure buildout increasingly resembles that of the telecommunications fiber overbuilds of the early 2000s. In that period, the forecasts for growing demand turned out to be correct, yet returns collapsed as excess supply drove down prices and largely commoditized the fiber infrastructure. While AI differs in important respects, similar risks lurk within today’s buildout.