FT: America’s $10tn AI infrastructure boom is starting to fray
Cracks are appearing in America’s debt-laden $10tn AI infrastructure boom as project delays, public backlash and shaky investor confidence bring a reckoning for the data centre build-out underpinning the US economy.
A rush for computing power in recent years created what multiple people involved characterised as a “Wild West” market. They said money has flooded into brand-new companies and due diligence for new projects has been expedited, with AI labs such as Anthropic and OpenAI accepting higher short-term costs to move as fast as possible.
More than three years into the AI boom, these ambitious data centre plans are running into reality. At least 47 large projects have been delayed, withdrawn or blocked in 2026, according to data shared by RegLayer, a regulatory intelligence company, which described it as a “conservative estimate” focused on the largest sites.
In my team, we were discussing GPU prices and planning when to buy new ones. One thing we noticed was that the 2022 GPU bubble followed a clear pattern: prices went from around $2,000 to $4,500, then collapsed to about $700.
It seems we are now following the same pattern, so we… pic.twitter.com/SZqUW41Zgk
— Data Driven Stocks (@stockdatamarket) October 18, 2026
The AI bubble is circular financed and driven entirely by private credit + baby boomer retirement savings.
There is nothing profitable about it and when it fails, there will be nothing of value because the GPUs are obsolete and power hungry after 3 years.
It isn't the future,… https://t.co/0ta7ChXbma
— Financelot (@FinanceLancelot) October 18, 2026
The stock everyone calls the AI bubble is now priced like a value stock.
Nvidia trades at about 13 times forward earnings, its cheapest multiple in years. The price kept climbing, but estimated earnings climbed faster, so the valuation compressed. The most argued-over stock on… pic.twitter.com/hs7q3HCoec
— Kurt S. Altrichter, CRPS® (@kurtsaltrichter) October 17, 2026
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