AI capex needs to grow 5-10x before oversupply, argues Rob LeClerc
robleclerc · x · 2026-11-10
Pushing back on glut fears, Rob LeClerc notes cumulative AI compute spend is still below cumulative cloud spend since 2015 (chart: $1.65T total US data center capex 2015-2026, $786B AI-related). Since AI workloads are far more compute-intensive and builders pay a larger premium, he argues cumulative AI spend likely needs to reach 5-10x cloud levels before oversupply — by which time demand drivers may be far bigger.
Related event: AI Compute Spending Must Grow 5-10x Before Oversupply, Says Rob LeClerc(2 posts)→
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