Technological progress has always hinged not merely on breakthrough ideas, but also on the infrastructure that scaled them into everyday life.  

The steam engine unlocked mechanized industry, but only after railways, coal supply chains and factories were built to harness its power. The telephone revolutionized communication, but only after vast networks of wires, switches and operators connected households and businesses. Electricity changed every facet of daily life, enabled by a massive buildout of power plants and transmission lines. Each of these breakthroughs catalyzed new industries, boosted productivity and redefined economic potential.  

Today, artificial intelligence (AI) is poised to become the most impactful general-purpose technology in history—but only if it’s accompanied by a buildout of the necessary capital-intensive physical infrastructure to support its adoption. We estimate total spending on AI-related infrastructure will exceed $7 trillion in the next 10 years.

Our report delves into this once-in-a-generation opportunity to build the digital backbone of the future—one with the potential to reshape economies, drive innovation and deliver attractive risk-adjusted returns for those investors positioned to lead. 

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