Coatue estimates 2028 AI capital expenditure at $2.8T, compared with $2.1T in U.S. single-family mortgage originations, $1.0T for the U.S. national defense budget, and $0.8T in S&P 500 non-AI capex. The slides say AI capex may require new financing structures and could reach roughly 1.5× mortgage originations, 3× the defense budget, and 3.5× S&P 500 non-AI capex.