“The developers of large language models such as #OpenAI and #Anthropic are preparing for blockbuster initial public offerings later this year to benefit from investor optimism about their #growth.

Meanwhile, the hyperscalers #Microsoft, #Alphabet, #Amazon, #Meta and #Oracle plan to invest hundreds of billions in the next five years in data centres to provide the #computing power to run these models. And this is where the #maths of the #AIBoom becomes challenging.

For each of these #hyperscalers, I collected the consensus estimates of analysts for the capital #expenditures and revenues between 2025 and 2030.

In these five years, capital #investments are expected to rise by 20 per cent a year, a growth rate never seen before in this industry. Meanwhile, #revenues are expected to grow 15 per cent annually” — Joachim Klement

#IPO / #AI / #LLM / #market <https://archive.md/I1SLq> / (paywall) <https://www.ft.com/content/32bf8935-8d21-4689-ae34-8b4d3d5f6d93>