The global economy is experiencing the largest capex cycle ever, with nearly $5 trillion seen by the end of the decade—and it’s not all AI spending
The global economy is entering an unprecedented capital expenditure cycle with nearly $5 trillion projected by the decade's end, driven by dual momentum in AI infrastructure and energy transition investments. While these cycles overlap significantly, AI spending is advancing independently at an accelerating pace, indicating broad-based economic transformation beyond a single technology trend.

