AI in 2025 – Infrastructure, investment & bottlenecks with Dylan Patel

<p>Dylan Patel, founder of SemiAnalysis and one of my go-to experts on semiconductors and data center infrastructure joins me to discuss AI in 2025. Several key themes emerged about where AI might be headed in 2025:</p><p><strong>1/ Big Tech’s accelerating CapEx and market adjustments</strong><br />The hyperscalers are racing ahead in capital expenditure, with Microsoft’s annual outlay likely to surpass $80 billion (up from around $15 billion just five years ago). By mid-decade, total annual investments in AI-driven data centers could climb from around $150–200 billion today to $400–500 billion. While these expansions power more advanced models and services, such rapid spending raises questions for investors. Are shareholders ready for ongoing, multi-fold increases in data center build-outs?</p><p><strong>2/ The competitive landscape and new infrastructure players</strong><br />The expected explosion in AI workloads is drawing in a wave of new specialized GPU cloud providers—names like...