Skip to content

By William H. Janeway, Project Syndicate |Nov 7, 2025

The rise of generative AI has triggered a global race to build semiconductor plants and data centers to feed the vast energy demands of large language models. But as investment surges and valuations soar, a growing body of evidence suggests that financial speculation is outpacing productivity gains.

This post is for paying subscribers only

Subscribe

Already have an account? Sign In

Latest

The Unsold Boom

The Unsold Boom

The economy is growing, investment is surging, and workers are gaining. So why aren't Republicans making the economic case as the midterms approach?

Members Public