Big Tech’s AI spending to cross $2.8 trn by '29: Citi

CITIGROUP HAS RAISED its forecast for Al-related infrastructure spending by tech giants to surpass $2.8 trillion through 2029, from $2.3 trillion estimated earlier, citing aggressive early investments by hyperscalers and growing enterprise appetite.

- RASHIKA SINGH & JOELJOSE

The AI boom ignited by ChatGPT’s launch in late 2022 has continued to fuel staggering capital outlays and data centre expansion despite a brief crisis of confidence sparked by China's cheaper DeepSeek model and lingering market concerns over US President Donald Trump’s tariff policies.