$10–15 Trillion in AI Capital Expenditure: Outlook for the Next Decade… Wall Street Divided on Outlook

Morgan Stanley CEO Ted Pick projected that AI capital expenditure could reach $10 trillion to $15 trillion over the next decade, speaking at the 2026 Global Financial Leaders' Investment Summit in Hong Kong, according to a Bloomberg report on November 3, 2026. Pick framed AI as one of the most significant economic shifts since the advent of the internet, but cautioned that heavy capital flows into AI could crowd out corporate spending in other areas. Wall Street investment bank executives at the summit emphasized the scale of AI-related funding demand, while asset managers and investment firm leaders pushed back, warning of overheated investment and questioning profitability. The divergence highlights a growing split between banks financing the AI buildout and investors scrutinizing returns on that spending. Watch for how this tension shapes AI financing structures, credit availability, and whether asset managers' profitability concerns temper the pace of future capital commitments.