AI now drives nearly two-thirds of US investment growth while crowding out the rest, says Moody's Zandi

asusarla · x · 2026-11-16

Moody's Analytics chief economist Mark Zandi argues AI is a boon to growth and jobs but with side effects: it pushes up inflation via electricity and consumer electronics prices, lifts interest rates by absorbing capital for the build-out, and crowds out other investment. Since ChatGPT launched four years ago, AI has gone from a rounding error to nearly two-thirds of investment growth, while growth in everything else has slowed by more than half since mid-2024. The AI bet must pay off in productivity, because the rest of the economy isn't investing enough to deliver it.

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