Tomasz Tunguz says AI application revenue reaches 10% of infrastructure spending in four years

Tomasz Tunguz offers the judgment: AI application revenue reaches 10% of infrastructure spending in its fourth year, roughly half the time required in the internet era. He compares internet and AI buildouts using Carlota Perez's two-phase framework: from 1996 to 2005, US telecom companies invested $1.5 trillion building out the internet, while application revenue was only $180 billion, and it took seven years for application revenue to reach 10% of infrastructure investment; AI reached this ratio in just four years. The same material also notes that in the first nine months of 2026, US venture capital invested $516 billion, already 44% higher than the full-year record in 2021, with AI companies taking 82.7% of deal value; Ramp data shows that 80% of the largest AI spenders are venture-backed, and these companies account for more than 13% of US employment, higher than about 5% in the internet era. Currently this judgment comes from a single source, Tunguz's blog, and there are no subsequent factual developments yet.

AI-generated from public reports

1. Oct 23· 1 reports

   Tomasz Tunguz says AI application revenue reaches 10% of infrastructure spending in four years

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