Big Technology Podcast · Wednesday, August 12, 2026
Investor Paul Kedrosky argues that current AI infrastructure build-outs represent an unprecedented scale of capital expenditure, surpassing historical investments like the interstate highway system or fiber optic build-outs. This massive spending is occurring at a much faster pace, raising concerns about market absorption and return realization.
“Sir, I mean there's a thousand ways to kind of put it in context for people but one of the ways I try to do it is to compare it to a prior infrastructure investment.”
“So the point to start off with is this is a really, really unusual moment in terms of the scale of capital expenditure normalized against all of these other CapEx moments.”
“So this is a higher speed scale of spending happening at a much more rapid pace.”