The 7 US Big Tech firms' AI investments now total $3.7 trillion, or 12% of US GDP.

I've so many head-scratching questions.

• Why is China spending so little to achieve almost comparable results?

• If AI is inherently deflationary, where does the revenue come from to cover this?

• US Big Tech used to rely on global sales (the EU in particular, usually being around 35% of all revenues), but that's shrinking. All the trends are pushing for more tech sovereignty, not less.

• We have centuries of evidence, stretching back to the 17th-century Dutch Tulip Craze, that in Capitalism, booms always end in a bust. Will AI be the exception?

• Even if there is a US stock market bust, AI use will still grow around the world, but how, and with whose AI? It feels like Open-Source is going to triumph in the end. Who knows, maybe that's a sign of the post-scarcity economy to come.

Why Big Tech's AI spending is bigger than you think