According to CNBC, President Trump said on Thursday that AI investment is larger than the late‑1990s internet build and that overall capex figures support that view. Goldman Sachs estimated in 2025 that AI capital spending would need to reach $700bn by 2026 to match the late‑1990s telecom peak; in May the bank forecast AI capex of $765bn this year and annual spending rising to $1.6trln by 2031. Trump also said he expects 40–60% of chip manufacturing to be located in the United States by the time

According to CNBC, President Trump said on Thursday that AI investment is larger than the late‑1990s internet build and that overall capex figures support that view. Goldman Sachs estimated in 2025 that AI capital spending would need to reach $700bn by 2026 to match the late‑1990s telecom peak; in May the bank forecast AI capex of $765bn this year and annual spending rising to $1.6trln by 2031. Trump also said he expects 40–60% of chip manufacturing to be located in the United States by the time he leaves office.