What if the AI stockmarket blows up? - ‘By our reckoning, the total revenue from the tech accruing to the West’s leading AI firms is currently $50bn a year. Although such revenues are growing fast, they are still less than 2% of the $2.9trn investment in new data centres globally that Morgan Stanley, another bank, forecasts between 2025 and 2028—a figure which excludes energy costs. Meanwhile, the extent to which revenues will translate into profits is murky. A recent study by researchers at the Massachusetts Institute of Technology concludes that 95% of organisations are getting “zero return” from investments in generative AI.'