In spite of AI doomsday fears, the U.S. is moving full steam ahead on a data center buildout with costs that will easily reach into the trillions. And that’s just the beginning.

The buildout could become the next industrial revolution, with estimates of its cost ranging from $2.8 trillion by 2030 to $10.3 trillion by 2032 in the U.S. alone, and those numbers may still be conservative. According to forecasts from Goldman Sachs, U.S. investment in AI will rise from 1.8% of GDP this year to 2.8% in 2028. That would be greater than the economic footprint of the railroad boom.

The expansion has created insatiable demand for electric power, land and cement, benefiting companies in those industries but also creating bottlenecks.

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Tesla shares surged nearly 5% Friday after the EV maker beat analysts’ estimates for third-quarter deliveries, helping boost Elon Musk’s net worth and pushing him closer to trillionaire status again.

The G7 nations will release 100 million barrels from its stock of diesel reserves to relieve soaring prices amid the Iran war, as President Donald Trump has repeatedly threatened to ban or restrict diesel exports from the U.S.

Where markets closed (10/2): The S&P 500 was up 0.73%, the Dow was up 0.49%, and the Nasdaq was up 1.19%. Stocks rallied on hopes for less aggressive Fed rate hikes.

New data from the Bureau of Labor Statistics revealed a weaker summer labor market than previously reported, with employers adding just 29,000 jobs in September, and new revisions cutting into August’s gains while putting July in........

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