On HBO's Real Time with Bill Maher, CNBC anchor Sara Eisen argued that the US must not let China get ahead in AI, a national security case the article considers sound but an investment case that is weaker. The top five hyperscalers were expected to spend nearly $800 billion in 2026 and $1.3 trillion in 2027 on capital projects, while public backlash over power, water use and electric bills is slowing projects. Amazon's trailing free cash flow was -$7.6 billion, and Alphabet posted -$5.86 billion on $44.92 billion of quarterly capex and has paused buybacks. The author argues AI demand may be inevitable, but as with electricity, much of the long-term value may flow to customers and later entrants rather than the original builders.
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