How much is being invested globally in AI, and who are the dominant capital allocators?

Global AI investment is substantial but fragmented across sources, with no single comprehensive figure available. Big Tech companies are projecting around $660 billion in AI infrastructure spending for 2026, potentially exceeding $700 billion, driven by firms like Meta, Microsoft, and Alphabet, which alone plan $305 billion in capital expenditures [3][7][9][12]. Broader projections suggest unprecedented global capex on AI could reach between half and 75% of $18 trillion over time, though specifics on timelines are unclear [2]. Cumulative private AI investment from 2013-2024 totals over $470 billion in the US, far outpacing the EU's $50 billion and other regions [8]. In 2023, US private AI investment hit $67.22 billion, with China emerging as a key competitor through rapid growth and IPO waves [1][4]. Dominant capital allocators are primarily US-based Big Tech hyperscalers, including Alphabet, Meta, Microsoft, Amazon, and others, which are accelerating capex despite bubble concerns and negative free cash flow pressures [3][5][6][7][12]. These firms lead to secure AI dominance, while China's state-backed investments position it as a rising player [1][4].