New Delhi, July 19 -- The AI boom has unleashed an unprecedented wave of spending, with technology companies committing hundreds of billions of dollars to AI infrastructure, data centres, chips, and startups. But amid this investment frenzy, one key question remains: where is all the money actually going?

Today's AI spending wave can be traced back to OpenAI's ChatGPT moment.

It launched ChatGPT in November 2022 (though its groundwork was laid years earlier). At the time, the tech industry was facing slowing growth, and ChatGPT changed that almost overnight, giving Big Tech a compelling new story for investors: artificial intelligence was the future. Microsoft, Google, Amazon, and Meta all announced huge AI infrastructure plans and bega...