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Winton emphasizes that financing this level of spending—approaching $3 to $4 trillion—requires enormous capital flows, making the circular meme just a snapshot of a much larger, intricate financial ecosystem. This intense capital movement underscores confidence in the growth trajectory of AI infrastructure.
Comparing the AI Boom to Historical Buildouts
Amidst discussions of potential risks, such as a possible AI bubble, Winton draws parallels to the historical railroad expansion in 19th-century America. However, he highlights a critical difference: unlike past large-scale infrastructure projects (e.g., telcos or railroads), the AI industry so far has largely been funded through equity and cash flow, not debt.