The hundreds of billions of dollars flowing into AI development has drawn concern that the boom could actually be a bubble.

The move may reflect concerns about whether it’s building more AI computing than it will need over the long term, TD Cowen said in a report.

Skepticism has been growing among investors over the billions of dollars U.S. tech firms have been channeling into AI infrastructure due to slow payoffs and breakthroughs at Chinese startup DeepSeek,