CNBC January 26, 2026
Key Points
– Many economists and market participants have suggested AI investment was the savior of an otherwise-stagnant domestic economy.
– A January report from MRB Partners U.S. economic strategist Prajakta Bhide reveals, however, that consumption was the most crucial driver of U.S. GDP growth last year, which is usually the case in periods of economic expansion. Artificial intelligence-related capital expenditures were the second-biggest driver.
– “AI is an important part of the growth story, but it’s not the only part of the growth story. That’s a narrative that’s out there, that if we didn’t have the AI capex, GDP would have slumped last year. And that’s simply not true,” Bhide told CNBC.
The popular narrative that artificial intelligence is...
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