Are We an AI-Driven Economy?

We often hear that we are a consumer driven economy, with estimates that consumer spending provides as much as 70% of GDP. I read a recent article by Ben Carlson that indicated that, at least for this year, Big Tech's capital expenditure spending on AI is approaching a similar level. The Bloomberg Magnificent 7 Total Return Index (I had no idea this existed) is up about 39% over the past year, compared to about 19% for the S&P 500. I have no idea where this will go, but it's fascinating to watch.

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