Meta, Amazon, Google, OpenAI, and other tech companies spent billions last year investing in AI. They’re expected to spend even more, roughly $700 billion, this year on dozens of new data centers to train and run their advanced models. This spending frenzy has kept Wall Street buzzing and fueled a narrative that all this investment is helping prop up and even grow the U.S. economy. President Donald Trump has cited that argument as a reason the industry should not face state-level regulations. “I...