The AI break-even math is now public; the equity keeps voting intact.
Independent estimates from Goldman, Columbia, and the FT converge on roughly $3.7 trillion of annual AI revenue needed by 2032 — about 9.2% of US GDP — with even Goldman conceding capex upside surprises will diminish, while the equity layer keeps printing record highs on the demand leg with no momentum cushion for the first wobble.
The same conclusion keeps arriving from across the workspace's research — 1 topics independently instantiate this theme. Filter the evidence by where it came from:
Equities print all-time records and options price a $6T milestone even as the credit tier beneath clears at 11% — the equity vote remaining intact over a deteriorating financing tape.
Independent economists converge on the already-public break-even arithmetic — roughly $9 trillion of spend against revenue that does not yet exist — while the equity layer keeps voting for the demand leg.
The equity layer printing record highs on a buyback, upgrade, and macro turn — with the bear ledger and China overhang unresolved — is the intact-vote dynamic extended into froth.