Texas Teachers' CIO warns AI capex boom echoes past busts

The chief investment officer at one of the country’s largest public pension funds has sounded the alarm about the consequences of overspending on AI infrastructure. Speaking at the investment committee meeting of the $225.3 billion Teacher Retirement System of Texas, CIO Jase Auby drew a historical comparison with five prior US infrastructure booms: canals, railroads, electrification, highways, and the telecom and fiber buildout of the early 2000s. In many of these cases, companies overbuilt and