Without AI, Growth Near Zero

Jason Furman estimates that if you strip out data centers and information‑processing, H1 2025 U.S. GDP growth would have been just 0.1% annualized. Although these tech categories were only 4% of GDP, they accounted for 92% of its growth, as big tech poured tens of billions into new facilities. This highlights how dependent the economy has become on AI buildout. — It reframes the growth narrative from consumer demand to concentrated AI investment, informing monetary policy, industrial strategy, and the risks if capex decelerates.