Microsoft, Google, Amazon, and Meta are spending big on data centers in 2025. So far this year, their cash splash on AI infrastructure is pushing U.S. economic growth beyond consumer spending for the first time.
The quadruple set of tech giants are forecasting a record $364 billion in capital investment this year. The “Magnificent Seven” in total dropped over $100 billion on data center projects just in the last three months, according to the Wall Street Journal’s Christopher Mims.
This surge is shifting the economy. Renaissance Macro Research data shows AI data center spending has added more to GDP growth than all consumer spending combined. 
Renaissance Macro Research shared the data on Twitter:
So far this year, AI capex, which we define as information processing equipment plus software has added more to GDP growth than consumers’ spending. https://t.co/D70FX2lXAW
— RenMac: Renaissance Macro Research (@RenMacLLC) July 30, 2025
Business blogger Paul Kedrosky puts it bluntly: AI capital expenditure is now about 2% of U.S. GDP and growing fast. He says it’s “eating the economy,” even rivaling historic booms like railroads and telecom during the dotcom bubble.
Tech investment is riding the generative AI wave. McKinsey projects $6.7 trillion in global data center buildout from 2025 to 2030 to meet AI compute demand.
This builds a troubling question asked by economist Noah Smith: will this data center spree crash the economy?
The spending spree also impacts other sectors like venture capital and consumer startups, pulling funds away. Unlike railroads or telecom, these AI data centers need constant upgrades, making this investment volatile and ongoing.
The U.S. economy in 2025 is being shaped more by tech giants racing for AI compute power than by the spending habits of consumers.
This headline was updated to clarify that data-center spending has surpassed consumer spending as a share of GDP growth.
