AI investment drives US economic growth amid bubble concerns

Artificial intelligence has become a primary driver of the US economy, with AI-related capital expenditures contributing 1.1 percentage points to US GDP growth in the first half of 2025. This has triggered massive investment cycles in data centers, semiconductors, and energy infrastructure. However, concerns are rising regarding a potential ‘bubble’ similar to the dot-com era, as investors question whether actual returns and profitability will match the immense capital being deployed.

Beyond financial risks, the escalating demand for computing power is reshaping economic infrastructure. The continuous operation of AI agents and robots could drive demand for computing on an unprecedented scale. For instance, Harvard University researchers are working on the MatrAIx initiative, which aims to simulate 8.3 billion virtual personas to predict market and real-world outcomes.

Regarding the labor market, Paul Griggs of PwC US suggests that businesses should use AI-driven productivity gains to fuel growth and new markets rather than focusing solely on cost-cutting and job reductions. Research from PwC’s 2026 AI Jobs Barometer indicates that organizations most exposed to AI are seeing headcount growth at twice the rate of those least exposed, particularly in roles where AI enhances human expertise and creativity.