Billionaire investor Bill Ackman recently posted on X, stating that the AI arms race is driving tech giants to continuously expand capital expenditures. Even with rising financing costs, companies are likely to continue building data centers and acquiring hashrate, making it difficult for higher interest rates to effectively suppress investment demand. He believes that rising interest costs could also be passed on to the prices of goods and services through supply chains and pricing mechanisms, which in turn would increase inflationary pressure.

Data from Bridgewater Associates shows that AI-related investments by Alphabet, Amazon, Meta, and Microsoft are expected to reach at least $650 billion this year. Gartner predicts that global AI spending will reach $2.7 trillion in 2026, with AI infrastructure spending accounting for approximately $1.48 trillion. The Federal Reserve raised its benchmark interest rate by 25 basis points to 3.75%—4.00% in September.