Appendix C — AI and Capital Investment

Artificial intelligence is not only a technical development. It is also a capital-intensive industrial project built through concentrated investment in computing, energy, data, infrastructure, and specialized labor.

C.1 What AI Investment Buys

• Chips, data centers, networks, and energy
• Data, models, and research talent
• Products, distribution, and market access

C.2 Who Finances AI

• Major technology firms
• Venture capital and private markets
• Public markets and debt
• Governments, sovereign funds, and industrial policy

C.3 Concentration and Dependence

• Scale advantages and barriers to entry
• Scientific dependence on private infrastructure
• Public subsidies and private control
• Geographic and geopolitical concentration

C.4 Political Consequences

• How investment shapes research priorities
• The race narrative and pressure for rapid deployment
• Accountability for systemic risks
• Alternatives for public and scientific infrastructure

This appendix is under development.