According to research firm SemiAnalysis, AI infrastructure spending is accelerating, not approaching a peak. SemiAnalysis projects cumulative AI IT and datacenter capital expenditures will reach roughly **$11.1 trillion** between 2024 and 2029, with annual spending topping **$2 trillion** by 2028. SemiAnalysis estimates AI-related debt will reach approximately **$7.1 trillion** by 2029, making it second only to the U.S. mortgage market, with borrowing against long-term GPU contracts and datacenter lease agreements. The article notes that Nvidia captures **$0.57** of every hyperscaler AI dollar spent, while TSMC, Micron, and chip equipment makers each hold critical supply chain positions.