Eric Schmidt, the former CEO of Google, has stated that the primary limitation on the growth of artificial intelligence (AI) is not energy supply, but rather the availability of capital. He estimates that constructing 10 gigawatts of compute capacity could cost around $500 billion, a figure that only a few nations or companies can realistically afford. Schmidt points out that while China has the financial resources to undertake such investments, it is unclear whether it is actively pursuing them. He emphasizes that the United States benefits from its robust capital markets, enabling large-scale borrowing for AI infrastructure, which gives it a competitive edge. In contrast, Europe struggles to finance AI projects at the necessary scale, which Schmidt acknowledges is frustrating for European policymakers. He warns that without significant changes in European capital markets or government funding strategies, the continent risks falling behind in AI development despite its technical capabilities. Schmidt's comments shift the focus of the AI growth debate from energy and regulatory concerns to financial resources, suggesting that countries with deep capital markets will dominate the AI landscape.