Despite United States President Donald Trump’s tariff and immigration policies roiling businesses, the US economy is relatively stable. Experts say the country can thank the artificial intelligence (AI) industry for that.“AI machines—in quite a literal sense—appear to be saving the US economy right now,” George Saravelos of Deutsche Bank wrote to his clients at the end of September. “In the absence of tech-related spending, the US would be close to, or in, recession this year.”Recommended Stories list of 4 itemsend of listEconomist and Nobel laureate Paul Krugman has made similar observations in his Substack newsletter. AI companies are investing hundreds of billions of dollars into AI infrastructure and development, and other US companies are spending billions on AI products.Just last month, a data centre in Abeline, Texas, the flagship site of the $500bn Stargate programme, a joint venture between Oracle, OpenAI and Japan’s SoftBank to advance AI infrastructure in the US, came online.Around the same time, chipmaker Nvidia said it would invest up to $100bn in OpenAI and provide it with data centre chips. It also became the first US company to hit a $4 trillion market value. It was soon followed in that benchmark by Microsoft, which has seen its stock price surge, with AI one of key factors driving business demand.Nvidia and Microsoft are not alone. Google’s parent company Alphabet and Meta Platforms, which owns Facebook, Instagram and WhatsApp, have upped their commitments to their AI ambitions an …
