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Big Tech’s enormous spend on new artificial intelligence will be worthwhile, according to CNBC’s Jim Cramer, even if there are some companies that don’t necessarily reap rewards.
“I am telling you, this is just the beginning,” he said. “The buildout will have casualties. So did the rise of the railroads. So did the steam engine and the assembly line and the internet.”
Generative AI is ushering a new industrial revolution, Cramer suggested, comparing the technology’s significance to the invention of the steamboat, mass production, railroads, as well as semiconductors and personal computers. These innovations were “tectonic shifts in the way the world works,” Cramer said.
Global AI spend has snowballed over the past few years, and UBS predicted total investment would hit $375 billion in 2025 and top $500 billion by 2026. AI-related stocks have propelled the market to new highs, and semiconductor giant Nvidia
