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Benedict Evans Says AI Capex Is Eating The World And Investors Still Have No Map

$400B. That's annual AI capex. And nobody can explain where it actually goes.

Reporting by Forbes Innovation 1 min brief
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The KeyNews take

Why it matters

Benedict Evans' analysis exposes a critical gap between massive AI infrastructure spending and measurable ROI/product defensibility. For investors and founders, this signals either a fundamental valuation problem or a transparency crisis in how AI capex translates to competitive advantage.

The key facts

5 to know

  1. $400B in annual AI capex

  2. Investors unable to articulate clear product moats from spending

  3. Consumer engagement gap identified as material risk

  4. 2025 'AI Eats the World' presentation analysis

  5. Published May 2026 — forward-looking investor concern

Go to the source

Forbes Innovationforbes.com

Publisher excerpt: Benedict Evans says AI's biggest investors can't explain where the money goes - and the data backs him up. Breaking down the 2025 "AI Eats the World" presentation: $400B in annual capex, no product moats, and a consumer engagement gap that should worry every AI bull.
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