Citigroup forecasts Big Tech's AI spending to cross $2.8 trillion by 2029
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Citigroup has increased its forecast for AI infrastructure spending by tech giants to exceed $2.8 trillion by 2029, up from $2.3 trillion. This surge is driven by significant early investments from hyperscalers and rising enterprise demand. The brokerage anticipates AI capital expenditures among hyperscalers to reach $490 billion by 2026. Major tech firms are borrowing to fund these high costs, which are impacting their free cash flows. Citi highlights that enterprises validate the value of AI through deployments in various companies.
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