The AI Bill Is Bigger Than Ever — and Coming Due: Parmy Olson

In the coming months, some of the world’s biggest AI labs — including OpenAI and Anthropic PBC — will debut on the public markets at valuations close to $1 trillion each. Alphabet Inc. is tapping equity and debt markets to fund its AI spending, while older companies like Hewlett Packard Enterprise Co., Dell Technologies Inc. and Nokia Oyj are benefiting from the gold rush too.

Everyone is piling in on the bet that artificial intelligence will make companies more profitable and productive. But the truth is messier. The debate about AI’s return on investment stubbornly persists, in part because companies still ...