How much is being invested globally in AI, and who are the dominant capital allocators?

Global AI investment lacks a single comprehensive figure across sources, but key indicators highlight massive scale. Cumulative private AI investment in the US reached over $470 billion from 2013 to 2024, dwarfing the EU's $50 billion and positioning the US as the leader [8]. In 2023, US private AI investment alone hit $67.22 billion, with China emerging as a rapid competitor though trailing significantly [1]. Projections suggest unprecedented AI capex could represent 50-75% of $18 trillion in global spending, underscoring the sector's explosive growth [2]. For 2026, Big Tech's AI infrastructure investments are estimated at $660 billion, potentially exceeding $700 billion, driven by infrastructure to maintain dominance [3][12]. Dominant capital allocators are primarily US-based Big Tech firms, including Alphabet, Meta, Microsoft, and Amazon, which are aggressively funding AI expansion—e.g., Alphabet and Meta planning $305 billion in 2026 capex [9]. These hyperscalers face concerns over accelerating capex outpacing revenue, leading to negative free cash flow despite strong operating income [5]. China is a key secondary player with growing investments and an AI IPO wave fueling innovation [4], while sectors like insurtech saw $3.39 billion in AI funding in 2025 [11].