AI 'boom' driving US GDP growth

US data agencies could not release third-quarter economic growth figures due to the government shutdown, but AI is likely a major contributor. Estimated investment in AI accounted for over half of growth in the first half of the year. Major tech companies like Meta, Microsoft, and Alphabet reported nearly $78 billion in capital spending, nearly double compared to last year.

JPMorgan estimates AI stock wealth contributed to approximately $180 billion in consumer spending. AI is helping businesses become more efficient, albeit with risks of job displacement. The full effects of AI on productivity will take time to manifest, but it is already boosting economic growth significantly.