Goldman Sachs, Morgan Stanley Calculate AI's Contribution To U.S. Growth May Be Basically Zero

The narrative that AI spending has been singlehandedly propping up the U.S. economy - a claim that captivated Silicon Valley, Wall Street and Washington over the past year - is facing serious pushback from economists [non-paywalled source] at Goldman Sachs, Morgan Stanley and JPMorgan Chase, all of whom now calculate that the AI buildup's direct contribution to growth was dramatically overstated and possibly close to zero. The debate hinges on how GDP accounts for imported components: roughl...