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How AI conquered the US economy: A visual FAQ
Artificial intelligence is the biggest tech construction project in a century. Here's what that looks like.
In January, JP Morgan’s Michael Cembalest calculated that the leading AI chip manufacturer Nvidia is on pace to capture the highest share of market-wide capital spending since IBM’s peak revenues in 1969. Not to be outdone, the economic writer Paul Kedrosky has calculated that AI capital expenditures as a share of GDP have already exceeded the dot-com boom and are now approaching levels not seen since the railroad build-out of the Gilded Age. As Cembalest explained on my podcast, today's leading tech companies have become so profitable in the last few years that their share of total “free cash flow” (meaning, revenue minus operating expenses and infrastructure) dwarfs anything we’ve seen since the end of World War II.
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