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Bank of America analyst Vivek Arya said in a report Wednesday that artificial intelligence could boost the AI data center market to $823 billion by 2030, up from $256 billion in 2025.

“We expect every major country/region to invest in creating its independent ‘sovereign’ AI factory, trained in local language, culture, generating high-tech employment, and serving critical healthcare, defense, industrial, financial and cyber needs,” Arya wrote.

Some $650 billion of that market would go to AI chips alone, up from $201 billion in 2025. Nvidia (NVDA) is set to be a “key beneficiary” as it’s “still far ahead” of new entrants in the sector, Arya said.

To be sure, tech companies are still in the process of figuring out how to monetize AI and are raking in far less revenue than they’re spending to build the tech.

For example, a separate analysis from Bank of America on Monday showed that Google’s AI subscriptions are set to drive $4.2 billion in subscription revenue within its Google Cloud segment in 2025. Meanwhile, Google parent Alphabet (GOOGL, GOOG) has said it will spend $75 billion in 2025, driven by its investments in AI.