Executive Summary
Goldman Sachs delivered a striking variant perception that directly contradicts Wall Street consensus: AI infrastructure spending has contributed virtually zero to US GDP growth in 2025, not the 50% that many analysts claim. Jan Hatzius, Goldman's chief economist, methodically dismantled the popular narrative by highlighting that AI goods are largely imported and semiconductors are treated as intermediate inputs, not investment. This accounting reality means the AI boom's economic impact has bee...
Key Investment Opportunity
AI Productivity Beneficiaries Over Infrastructure
Goldman's analysis suggests the next phase favors companies capturing productivity gains rather than those selling AI infrastructure. With productivity growth accelerating to 2% annually and infrastructure spending contributing zero to GDP, the value creation shifts to end-users implementing AI for ...
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