I believe there is a difference between what people say publicly and what they are actually committed to doing on the ground. When all is said and done, I'll be more interested to know what was actually spent.

For example, XYZ AI company may say they are going to spend $1T for AI data centers over the next 5 years.

In actuality, I suspect it is likely that they have committed to something like $5-10B in shovel-ready projects with stretch goals for the rest. And the remaining spend would be heavily conditioned -- is power available? are chips available? is the public support present? financing? etc...

Not to mention, it's a much bigger moat if you can claim you're going to spend $1T. Who else will want to compete with you when you're spending $1T. After the dust has settled and you've managed to be one of the 2-3 dominant AI players, who is going to care that you "only" spent $100B instead of $1T. Look -- you were very capital efficient!

So, do I see it as possible that XYZ AI company could spend $1T, sure. Is it likely? No.