Trump says AI will surpass the late-1990s Internet boom and expects more than half of chips to be produced in the US

Golden Ten Data reported on July 3, citing CNBC, that U.S. President Trump stated on Thursday that AI investment is "bigger" than the internet infrastructure boom of the late 1990s, and the total capital expenditures align with this assertion. According to Goldman Sachs' estimates for 2025, AI capital expenditures need to reach $700 billion by 2026 to match the spending levels during the late 1990s telecom construction peak. In May, the investment bank predicted that AI capital expenditures will reach $765 billion this year and are expected to grow to $1.6 trillion in annual spending by 2031. When discussing chips, Trump said he anticipates that by the time he leaves office, 40% to 60% of chip manufacturing will be located in the United States.