Business | Build it and AI will come How similar is it to the 1990s telecoms bubble?Photograph: Getty Images Sep 30th 2025|LOS ANGELES|6 min readTHIS SPRING McKinsey made what seemed to be an extraordinarily bullish forecast of capital spending on the chips, data centres and energy to produce artificial intelligence (AI): $5.2trn worldwide in the next five years. Less than six months on, the consultancy is considering upping that estimate. Announcements in America suggest investing in generative...