AI capex and the US economy
We have written a few times recently about the common if somewhat shapeless worry that if the AI boom were to turn into a bust, it would take the US economy into recession. A recent X post from the Harvard economist Jason Furman gives the worry more of a shape. He wrote:
Investment in information processing equipment & software is four per cent of GDP. But it was responsible for 92 per cent of GDP growth in the first half of this year. GDP excluding these categories grew at a 0.1 per cent annual rate in the first half.
Here are his charts:
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