Can AI answer the $3 trillion question?

AI infrastructure spending reached $1.5 trillion in 2026, requiring $3 trillion in total revenue to justify the investment, according to Sequoia partner David Cahn. Anthropic hit $60 billion in annual recurring revenue and OpenAI earned $13 billion in 2025 (with $20 billion ARR by November), but a substantial gap remains. Hyperscalers including Google, Meta, Microsoft, and Amazon predict major free-cash-flow acceleration in 2028, though risks include rising adoption of cheaper open-weight models and declining token prices as AI efficiency improves.

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