AI investment boosted economic growth, while consumers tapped the brakes
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WALL STREET JOURNAL — The first quarter saw a strong increase in business spending on categories tied closely to AI, like equipment and intellectual property products, underscoring just how much AI has become an engine for the nation’s economy. Overall business investment increased at a 10.4% annual rate in the quarter, the strongest growth in nearly three years.
“Even after accounting for the fact that most computer equipment is imported, AI investment seems like it accounted for about half of the overall GDP growth in the first quarter,” said Oliver Allen, an economist at Pantheon Macroeconomics.
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