BREAKING: US data center construction jumped +18.5% YoY in October 2025, to a record $42 billion annualized rate. This is just $3 billion below the $45 billion spent on office buildings. This comes as spending on data centers has TRIPLED since the ChatGPT launch in November 2022. Over the same period, office building construction has declined -40%. At this rate, data center construction will surpass office building construction levels as early as this year. AI is redefining the US economy.(The Kobeissi Letter)