Sovereign AI emerging as stable driver for AI infra spending amid bubble fears

The study draws on our InfraVantage dataset. For projects with an announced date of 2025 or later, this dataset includes 195 tracked projects and vendor relationships across ten segments – compute (third-party), compute (self-designed), networking, transmission, power equipment, energy suppliers, cooling, storage/memory, terrestrial and subsea fiber, and land/buildings/cabling. We separate sovereignty-driven projects, pursued for national policy reasons, from general-commercial hyperscaler and enterprise capacity. Key findings $933.6B in tracked AI infrastructure spending (all ownership types — enterprise, hyperscaler, government, telco, sovereign cloud operator) across 38 of the 42 countries in scope. Of the 195 tracked projects making up this total…