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The wave of AI technology is sweeping the globe, but don't be fooled by the surface hype—although U.S. computer and software investments hit record highs in the third quarter, their actual contribution to GDP growth was minimal. Official data shows that out of a 4.3% GDP growth, related investments only accounted for 0.3%, highlighting a stark contrast behind the numbers that is quite ironic.
In recent years, U.S. investment in computers has indeed been soaring. Due to low tariff barriers, import volumes have also reached new highs, and now the actual fixed investment in the computer sector has annualized to nearly $270 billion. It sounds significant, but it is not what truly sustains economic growth. This gives us an interesting perspective: while everyone is talking about AI and data centers, the real distribution of economic driving forces may be much more complex than you think.