Is the AI Boom… a Bubble?

人工智能的繁荣是泡沫吗?

The Journal.

2025-10-15

21 分钟
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Tech giants are spending hundreds of billions of dollars on an AI building boom, constructing massive data centers like a sprawling new complex in Texas. Is this a necessary investment for the future, or are we witnessing the next tech bubble? WSJ’s Berber Jin and Eliot Brown follow the money and consider whether or not it adds up. Jessica Mendoza hosts. Further Listening: -Artificial: The OpenAI Story -The Hidden Workforce That Helped Filter Violence and Abuse Out of ChatGPT -The Unraveling of OpenAI and Microsoft's Bromance Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices
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  • My colleague, Berber Jin, covers AI from San Francisco.

  • But last month, he found himself a world away from Silicon Valley,

  • wearing a hard hat in the middle of the Texas brush land.

  • I mean, having covered tech for a few years,

  • like I would never have imagined traveling to a massive construction site as part of my job.

  • But that is the moment we are in.

  • The moment we're in is an AI-building boom.

  • And Berber and a bunch of other reporters had traveled to its beating heart,

  • a massive new data center being built for open AI outside Abilene, Texas.

  • When we got there, it was basically just like a massive construction site,

  • a lot of workers riding around in buggies,

  • a lot of like pits in the ground that they were digging to lay fiber cables to connect the different data centers.

  • There were like massive natural gas turbines that were serving as backup power for the facility,

  • and then there were these eight white data centers that were springing up from the ground.

  • The supercomputers in this complex will field users chat GPT requests and train the next generation of OpenAI's models.

  • When all eight buildings are complete, it'll be the size of New York Central Park.

  • This kind of mega construction project is happening across the country.

  • Tech companies are pouring hundreds of billions of dollars into building a new generation of AI data centers.

  • It's one of the costliest building sprees in history.

  • And for market watchers, AI skeptics, analysts, and investors,