Forbes December 31, 2025
AI, cloud, and communications infrastructure was once again a focal point of the investment markets in 2025. Investors feasted on the story of unlimited demand for cloud infrastructure to fuel AI and related apps—to the tune of trillions of dollars.
While in the near term our data shows that it’s likely that the pace of spending on cloud infrastructure will continue to be brisk, the story gets more complicated in 2026. Investors will likely grow more discerning as they look out to spending 2027 and start asking questions about profits. Some of the largest hyperscaler clouds are spending a larger share of their revenues and profits on new data centers that have yet to prove a return on investment. Questions...
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