One-time capital costs that unlock a range of possibilities also tend to be good bets.

The Flood Control Act [0], TVA, Heavy Press, etc.

They all created generally useful infrastructure, that would be used for a variety of purposes over the subsequent decades.

The federal government creating data center capacity, at scale, with electrical, water, and network hookups, feels very similar. Or semiconductor manufacture. Or recapitalizing US shipyards.

It might be AI today, something else tomorrow. But there will always be a something else.

Honestly, the biggest missed opportunity was supporting the Blount Island nuclear reactor mass production facility [1]. That was a perfect opportunity for government investment to smooth out market demand spikes. Mass deployed US nuclear in 1980 would have been a game changer.

[0] https://en.m.wikipedia.org/wiki/Flood_Control_Act_of_1928

[1] https://en.m.wikipedia.org/wiki/Offshore_Power_Systems#Const...