7/6/2026
By Charles Payne, CEO & Principal Analyst

Data Center Drama

Data center spending has only just begun, and I don’t doubt that the final tally will exceed the trillions of dollars already expected. Consider the train to nowhere in California, which voters approved as a $33 billion project, but is now expected to be $230 billion. This investment is far more consequential. It will be the ultimate American megaproject.

What if AI never lives up to the hype?

That’s a legitimate question, but it's hard to think that will be the case, even though there have been early reports of a lack of return on investment for early business adopters. Agentic Al apps aren’t gaining the kind of traction one might imagine. Its very early, and things are already changing faster than any prior change agent technology.

I read a great piece about the ‘cost of wasting time.’ The clock is always ticking, and sooner or later it strikes midnight. As we get closer to that being a reality, we give up on hopes and dreams and settle. Years ago, there was an argument over whether companies are people. Companies aren't people, but they are the embodiment of the people who work for them and the people who run them, competing against other companies, all running the same race, seeking the same prize.

In that sense, there is greater urgency to achieve hopes and dreams, and less forgiveness for wasting time. I think Hyperscalers are doing the right thing with their artificial intelligence (AI) investing.

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Charles Payne
Wall Street Strategies