The Shocking Math: Paying For AI Capex Will Require Over $1 Trillion In New Debt By 2028

By Vishwanath Tirupattur, global head of quant strategy at Morgan Stanley 

Gen AI and technology diffusion is rapidly reshaping the global economy and remains a key theme for markets across sectors and geographies. That said, its transformative potential hinges on substantial capital expenditure, with data centers at its core. We forecast roughly $2.9 trillion of global data center spend through 2028,