t the 2026 Davos Forum, artificial intelligence has taken center stage in conversations about the economy and technology. It’s no longer viewed simply as a support tool, but as a force that can reshape the competitiveness of companies and entire countries. The discussion is increasingly driven by three closely connected factors: unprecedented global investment, warnings about the macroeconomic impact of inflated expectations, and a hard reality that’s starting to set clear limits—AI depends on infrastructure, energy, and strategic resources like copper.
Unprecedented Global Investment in Artificial Intelligence
The scale of growth is measurable. Forecasts for 2026 place worldwide AI spending at $2.52 trillion, representing 44% year-over-year growth. A significant portion of that increase is tied to expanded AI infrastructure, including data centers, hardware, and services linked to computing capacity.
This reinforces a key point: the race is no longer just about building better models, but about the real-world ability to deploy and maintain them. AI is becoming a cross-industry priority, with direct impact on manufacturing, finance, the public sector, and essential services.
The Macroeconomic Warning: When the Economy Runs on “AI Optimism”
Davos 2026 also highlights a growing concern: investing in AI doesn’t automatically guarantee positive economic outcomes. International organizations have warned that global economic resilience could be weakened if the AI boom doesn’t translate into real gains in productivity and profitability.
The risk increases when expectations and valuations move faster than actual results. In that scenario, the chances of market corrections rise if real performance fails to keep pace with the speed of investment.
In practical terms, the message is straightforward: AI should be evaluated not just by how much money is being spent, but by its ability to deliver efficiency, stability, and measurable benefits over time.
Geopolitics and the Rules of the Game for a Strategic Technology
The Davos debate makes it clear that the pressure isn’t only economic. AI is increasingly treated as strategic infrastructure—on par with other capabilities that shape technological independence. That reality intensifies the conversation around dependence on outside providers, system control, and regulatory fragmentation, especially as different regions apply different standards for privacy, compliance, and access to resources.
This environment has fueled the push for technological sovereignty. In Spain, Óscar López has publicly argued that Europe should pursue a competitive AI model aligned with digital rights.
The Physical Constraint: Copper, Electrification, and Data Centers
AI is often talked about as something intangible, but its growth depends on physical resources. Global projections warn of a structural shortage in copper supply by 2040, driven by electrification and new sources of demand such as data centers, energy grids, and the broader technology expansion tied to AI.
This creates a direct consequence: AI’s growth won’t be defined by algorithms alone, but by the availability of energy, networks, and critical materials. That’s why sustainability is becoming an operating requirement—not just a reputational commitment.
Davos 2026 underscores a reality that’s hard to ignore: AI is now part of the real economy, and its future will depend as much on investment and governance as on the physical limits that support its expansion.
