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Yes. In inflation adjusted dollars spending on AI dwarfs previous "megaprojects". But as a fraction of GDP it's fairly modest -- comparable to the Apollo Project.

It's a sign of how much the economy has grown that under "1% of GDP for a few years" now is far bigger than "over 10% of GDP for a few decades" was in the late 1800s.

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You seem to be implying that railway spending was "over 10% of GDP for a few decades" in the late 1800s. If yes then can you trace that back to a methodology? I tried and found much lower numbers, around 3% average over the peak decade.

https://news.ycombinator.com/item?id=44805979

Your estimate of current AI spending is also low. Hyperscaler capex alone is around 2% of US GDP, not including other costs (neoclouds, employee comp, etc.).

You're right, I was remembering the peak and duration of the railway boom but of course it wasn't at the peak for the entire duration.

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