A Brookings Institution paper projects that AI infrastructure investment will total $10.3 trillion from 2025 to 2032, representing 3.63% of annual U.S. GDP—larger than historical booms in canals, railroads, and highways. The research warns that financing risks are shifting toward opaque off-balance sheet structures dependent on uncertain AI demand and a small number of data center tenants, potentially obscuring correlated exposures before a downturn.