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In the initial years of the AI boom, comparisons to the dot-com bubble didn't make much sense. Three years in, growing levels of debt are making them ring a little truer. Early on, wealthy tech companies were opening their wallets to out-joust each other for leadership in artificial intelligence. They were spending cash generated largely from advertising and cloud-computing businesses. There was no debt-fueled splurge on computing infrastructure like the one that inflated the bubble two decades ago.
There is reason for skepticism about companies' ability to fulfill their contracts and repay their debts. Recent studies have found AI isn't gaining traction as quickly as its backers suggest. Only three percent of consumers are paying for AI. Projections of spending on AI data centers reaching trillions of dollars a year within the next few years seem highly optimistic.*
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