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Bernstein Research

Special Press

The $39.5B Bottleneck: Why AI’s Infrastructure Bill is Coming Due

17 min read

We’ve been sold the dream of infinite AI scaling, but the math is starting to break. New research from Bernstein reveals that hyperscalers are staring down a $39.5 billion per gigawatt price tag for data center infrastructure—a cost driven not just by GPUs, but by a crippling depreciation burden and