2023, 2024, and 2025 have all been great years to invest in the artificial intelligence (AI) realm. With 2025 nearly over, the question becomes: Will 2026 hold more of the same? The concerns about whether the vast sums of money being spent to build out AI computing capacity are going to pay off are intensifying. Investors are starting to clamor for real returns on those investments, and there haven't been any to date.

That hasn't stopped the AI hyperscalers from continuing to add massive amounts of computing power to their footprints. In 2025, the hyperscalers set records for capital expenditures, and most of that money went toward data centers . All of them also are guiding for even greater capex in 2026.

While investors may see some risks in the amount of money being spent on artifi

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