That’s the share of GDP growth, adjusted for inflation, that AI business investment may have accounted for in the first six months of the year. Rising AI stocks are also boosting household wealth, leading to more consumer spending.
Take away artificial-intelligence spending and the economy looks in worse shape. Job creation has slowed and the unemployment rate is inching up. Private business investment excluding AI-related categories is mostly flat since 2019, according to Deutsche Bank. And apart from data centers, commercial construction is down.
