Editorial companion

What stands out

Oxford Economics and PwC model a central scenario in which cumulative global data-center spending exceeds $30T by 2050, an amount the report calls large enough to dwarf previous waves of technological investment. That projection matters because it reframes AI from a software story into a multi-decade, capital-intensive infrastructure build, massive server farms, networking, and cooling, that will shape which companies capture value and how returns play out. The piece highlights the core question investors care about: will the productivity gains from artificial intelligence justify trillions in upfront capital and ongoing operating costs?