New Delhi, May 1 -- Global technology companies are set to spend unprecedented sums on artificial intelligence (AI) infrastructure, even as concerns mount over weak returns and uncertain business models, according to a latest Greed & Fear report by Jefferies.

The report, titled "The mother of all capex cycles", highlights that AI-related capital expenditure by major US tech players could reach about USD 700 billion this year and USD 800 billion next year, reflecting the scale of the ongoing investment surge.

"This number represents about 2% of US GDP and about 20% of US non-residential fixed investment," the report noted, adding that it is also "equivalent to nearly 30% of total non-financial pre-tax profits of all US companies."

Despi...