Will America Spend 9% of Its GDP on AI? The Industry Is Counting on It

Stijn Van Nieuwerburgh featured in The Wall Street Journal on the economics of the AI investment boom. His research is cited as the basis for an estimate that AI companies would need to generate roughly $3.5 trillion in annual revenue by 2032—about 8.8% of U.S. GDP—to justify the enormous capital being invested in AI infrastructure.

About the Researcher(s)

Stijn Van Nieuwerburgh

Earle W. Kazis and Benjamin Schore Professor of Real Estate: Finance Division

Co-Director: Paul Milstein Center for Real Estate

The Wall Street Journal highlights Stijn Van Nieuwerburgh’s research on the scale of the AI investment boom, examining the revenue and economic growth required to justify today’s unprecedented spending on AI infrastructure.

Media mention: The Wall Street Journal — Greg Ip, October 2, 2026.

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About the Researcher(s)

Stijn Van Nieuwerburgh

Earle W. Kazis and Benjamin Schore Professor of Real Estate: Finance Division

Co-Director: Paul Milstein Center for Real Estate

About the Researcher(s)

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