Whether this is a bubble is perhaps the biggest question facing the stock market and the U.S. economy at large.
While the extraordinary capital expenditure on AI over the past year may only represent about 1% of U.S. GDP, its impact on growth has been massive.
Some reckon as much as one-third of the economy’s near 4% annualised expansion over the past two quarters may be accounted for by this digital gold rush.
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