These days, you don’t have to be a Rockefeller financier to know that the US economy is on shaky ground. Utility bills are going through the roof, imported goods are skyrocketing in cost, and job growth is nonexistent. Of course, it doesn’t bode too well that the Rockefeller fellas are trembling too.
Writing in the Financial Times, noted fund manager and former Morgan Stanley investor Ruchir Sharma argued that the US economy has more or less become “one big bet on AI.”
It’s a bold claim, but it’s not hard to see his case. As many economists have been shouting to the heavens, the numbers are looking increasingly grim as wild tech investments keep an otherwise horrendous economy aloft.
As Sharma notes, the billions of dollars being dumped into AI now account for 40 percent of US GDP growt