PremiumPeople, Power And Politics: Morgan Stanley Maps The Three Ways AI's $1.6 Trillion Capex Plan Can Collapse
Yesterday we walked through Morgan Stanley's dollar-by-dollar map of AI's $1.6 trillion 2027 capex bill, then asked who is going to finance it. Both pieces assume the money actually gets spent. The last part of the report (available to pro subs) asks what happens if it doesn't.
MS's public policy strategist Ariana Salvatore frames the main constraints on the AI infrastructure story as "people, power, and politics," and the downside section works through all three. Spoiler alert: the bank still expects the buildout to happen, just with a growing list of asterisks attached.