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Goldman Sachs: Why AI Spending Is Not Boosting GDP
Goldman Sachs, in a research note Thursday (the note isn't publicly posted): Annualized revenue for public companies exposed to the build-out of AI infrastructure increased by over $340 billion from 2022 through 2024Q4 (and is projected to increase by almost $580 billion by end-2025). In contrast, a...
In contrast, annualized real investment in AI-related categories in the US GDP accounts has only risen by $42 billion over the same period. That said, the BEA's (Bureau of Economic Analysis) methodology potentially understates the impact of AI-related investment on real GDP by around $100 billion. However, we expect the bulk of investment in semiconductors and cloud computing will remain unmeasured barring changes to US national account methodology.
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