Morgan Stanley CEO: AI Spending May Hit $10-15 Trillion in 10 Years

Morgan Stanley Chairman and CEO Ted Pick said at the Global Financial Leaders' Investment Summit that AI capital spending could reach $10 to $15 trillion over the next 10 years, boosting GDP growth by 50 to 70 basis points.

Pick noted that financing AI infrastructure involves a complex web of players, including frontier AI labs, chip makers, infrastructure builders, and energy suppliers. Goldman Sachs CEO David Solomon added that demand for computing power still exceeds supply, and much of the future value will come from the application layer.

Pick compared AI's growth to past tech cycles between 1999 and 2008, saying periodic market corrections are healthy and build a "wall of worry." Tech progress may run ahead of plan or fall behind expectations.

He also warned that some projects have weak capital structures that may not stand the test of time — all part of the innovator's dilemma.