国际清算银行：人工智能投资竞赛（英文版）

The AI build-out ranks among the largest technology-driven investment booms in US history. Its scale, reliance on debt and circular equity ties raise questions about the boom’s sustainability and financial stability. We study a dynamic contest in which firms competing for a few dominant positions over-commit resources. The over-investment leaves the sector exposed to revenue disappointment that could turn boom into bust. The larger the boom, the deeper the eventual bust. The race to commit ea