Global datacenter spending across all categories (ML + everything else) is roughly 0.9 - 1.2 trillion dollars for the last three years combined, I was initially going to go for "quarter of the federal budget", but picked something I thought was more conservative to account for announced spending and 2025 etc. I pick 2022 onward for the LLM wave. In reality, solely ML driven, actual realized-to-date spending is probably about 5% of the federal budget. The big announcements will spread out over the next several years in build-out. Nonetheless, it's large enough to drive GDP growth a meaningful amount. Not large enough that redirecting it elsewhere will solve our societal problems.