Why it matters: AI is changing the economy, but not in the way most people assume.

Zoom out: Companies that are seeking fast growth into a nascent market typically spend on acquisitions.

Capital expenditure is an old school accounting term for what a company spends on physical assets such as factories and equipment.

The capex bonanza for data center growth is separate from the R&D that companies spend on chips and new AI technology.

What's next: At the Goldman Sachs Private Innovative Company Conference held in Las Vegas last month, bankers presented a slide that read: "For Big Tech, is Capex The New M&A?"

Our thought bubble: The fortunes being spent today on data centers for AI are jaw-dropping, but tech leaders are actually worrying about spending too little.

The bottom line: Tech CEOs view their investments in data centers as all-purpose bets on the future.